Upon the filing of the petition for charter as specified in Code Section 46-5-141, the applicants shall pay to the Secretary of State the fee of $100.00. The Secretary of State shall thereafter transmit a copy of the petition to the Public Service Commission for approval prior to the issuance of a license. The Public Service Commission shall then approve or disapprove the issuance of a license based, in part, upon whether the proposed telegraph company has a sufficient amount of capitalization for incorporation. The Public Service Commission shall thereafter notify the Secretary of State in writing of its decision. If the petition is approved, the Secretary of State shall then issue to the applicants a license as commissioners to open books of subscription to the capital stock of the corporation at such times and places as a majority of the commissioners may determine after having given public notice thereof in the legal organ of the county where the principal office of the company will be located for at least two weeks and in one or more of the public newspapers of this state for at least two weeks.