N.Y. Public Service Law § 107

§ 107. Approval of the use of revenues. 1. Except with the consent and\napproval of the commission first had and obtained, no public utility\nshall use revenues received from the rendition of public service within\nthe state for any purpose other than its operating, maintenance and\ndepreciation expenses, the construction, extension, improvement or\nmaintenance of its facilities and service, the payment of its\nindebtedness and interest thereon, and the payment of dividends to its\nstockholders.\n 2. Notwithstanding subdivision one of this section, such consent and\napproval requested by a telephone corporation shall be deemed granted by\nthe commission ninety days after the corporation applies to the\ncommission for such consent and approval, unless the commission, or its\ndesignee, determines within such ninety day period that the public\ninterest requires the commission's review and written consent.\n