Every franchise shall state the term for which it is granted, which unless it be indeterminate as provided for herein shall not exceed fifty years.

A franchise grant may be indeterminate, which may provide that it shall endure in full force and effect until the same, with the consent of the Public Utilities Commission of the State of California, shall be voluntarily surrendered, or abandoned by its possessor or until the State of California, or some municipal or public corporation, thereunto duly authorized by law, shall purchase by voluntary agreement or shall condemn and take under the power of eminent domain, all property actually used and useful in the exercise of such franchise, or until the franchise shall be forfeited for noncompliance with its terms by the possessor thereof. (Amended November 3, 1964)