Whenever, upon application of a street railway or traction company, the board of public utility commissioners has approved or shall approve the suspension of railway service upon any of its lines or parts thereof, and has approved or shall approve municipal consents or agreements enabling the company to operate autobusses in substitution for the suspended railway service, the company may, subject to the jurisdiction of the board and under the same conditions as to revocation as apply to the operation of other autobusses, operate such number of autobusses as may be necessary to furnish the public safe, adequate and proper service over such route as has been or may be approved by the board in substitution for the railway service.

The company, upon obtaining the approval of the board, may resume such railway service and if the tracks or overhead structures necessary for the service shall have been removed, the company may reconstruct and restore the same, provided it shall comply with any agreement heretofore or hereafter made with the municipal or other board or body having charge of any street in which such line or part thereof is located with respect to the removal or reconstruction.