New York Consolidated Laws, Public Service Law - PBS § 107. Approval of the use of revenues

1. Except with the consent and approval of the commission first had and obtained, no public utility shall use revenues received from the rendition of public service within the state for any purpose other than its operating, maintenance and depreciation expenses, the construction, extension, improvement or maintenance of its facilities and service, the payment of its indebtedness and interest thereon, and the payment of dividends to its stockholders.

2. Notwithstanding subdivision one of this section, such consent and approval requested by a telephone corporation shall be deemed granted by the commission ninety days after the corporation applies to the commission for such consent and approval, unless the commission, or its designee, determines within such ninety day period that the public interest requires the commission's review and written consent.