Any consolidated company formed prior to June first, 1899, by the union of a street railway company and an electric light company, under and pursuant to an act of the legislature of the state of Michigan, entitled “An act to authorize the consolidation of street railway and electric light companies,” approved July third, 1891, may, upon compliance with the provisions of this act, acquire, possess and exercise all the rights, powers, privileges and franchises conferred upon electric light companies by section 10 of the act of the legislature of the state of Michigan, entitled “An act to authorize the formation of electric light companies,” approved April first, 1881, as amended by Act No. 96 of the Public Acts of the legislature of the state of Michigan, passed at the regular session of 1899.