§ 1402. TERMS OF FRANCHISE.

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

A franchise grant may be indeterminate, that is to say, it may provide that it shall endure in full force and effect until the same 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 and situate within the territorial limits of the State, municipal or public corporation purchasing or condemning such property, or until the franchise shall be forfeited for noncompliance with its terms by the possessor thereof.