The franchise shall be indeterminate, that is to say, the franchise shall endure in full force and effect until the same shall, with the consent of the Public Utilities Commission of the state of California, be voluntarily surrendered or abandoned by grantee, or until the state 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 the franchise and situate in 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 grantee. (Prior code § 10-27)