Whenever after hearing, upon notice, the board of public utility commissioners shall find that public convenience and necessity require the use by one street railway or traction company or by a company organized under the general railroad law of this state operating an interurban railway company of the tracks, wires or other property or equipment and appurtenances or any part thereof in any street, or other public place belonging to another such company, and that such public utilities have failed to agree upon such use or the terms and conditions or compensation for the same, the board may by order direct that such use be permitted and prescribe a reasonable compensation and reasonable terms and conditions for such joint use; provided that the consent of the municipalities affected be first obtained.

Such joint use shall not be required if the same will prevent the owners of the tracks, wires or other property or equipment and appurtenances or other users thereof from performing their public duties, or result in serious injury to the owners or other users, or in any substantial detriment to the service or danger to the public or employees of the owners or users.

This section shall not be construed to give the right to use the tracks, wires, or other property or equipment and appurtenances of a company in territory already served by it to another company seeking to compete with the owner of the tracks, wires or other property or equipment and appurtenances in such territory.