(a) The continuing property record herein ordered to be established shall be completed as to property installed prior to January 1, 1937 on or before December 31, 1937. When a corporation desires a modification of this requirement, application should be made to the commission on or before November 1, 1937.

(b) Upon the completion of the continuing property record of property acquired prior to January 1, 1937, notice shall be given to this commission.