(a) All indeterminate permits and any rights, powers, privileges, or immunities thereunder, granted to, received by, or otherwise acquired by public utilities pursuant to authority granted by or under the provisions of Acts 1919, No. 571, are expressly declared to be assignable.
(b) All assignments and transfers of such indeterminate permits, or of any right, power, privilege, or immunity existing under or created by Acts 1919, No. 571, made by the holders or owners of such permits prior to June 13, 1929, are declared to be valid and effective.
(c)
(1) Neither the adoption of this section nor anything contained in it shall be construed or understood to mean that such indeterminate permits or the rights, powers, privileges, or immunities created or existing under Acts 1919, No. 571, were not assignable and transferable prior to the adoption of this section.
(2) This section shall not be construed as relieving any public utility from the terms of any existing contract or as enlarging or increasing in any manner any right or privilege granted under any indeterminate permit or franchise.