Section 137. The state secretary shall receive the agreement of association, and preserve it in form convenient for reference and open to public inspection, and shall issue a certificate of incorporation in the form authorized by section nine. Thereupon, the company shall organize in the manner provided in this chapter for the organization of a company. Such company may begin business as soon as it is organized, and shall have all the rights and be subject to all the duties of a street railway company, except as otherwise provided in this and the preceding section. If said purchasers fail to organize a company as hereinbefore provided, all rights and powers to operate said railway shall thereupon cease.