(2) The exercise of any power, duty or privilege referred to in subsection (1) of this section shall be deemed approved by the commission if:
(a) The commission grants its approval as provided in ORS 536.390; or
(b) The commission does not notify the state agency or public corporation within 30 days after the filing of the notification as provided in ORS 536.380 (1) of the intention of the commission to review the proposed exercise of the power, duty or privilege; or
(c) The commission grants its approval as provided in ORS 536.380 (4). [1955 c.707 §12]
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