(1) The franchise and all charter rights whatsoever of any railroad company in and to all railroad, roadbed, bridge, depot, or other railroad property, as well as the possession of, and right to operate, which may have been acquired by the railroad under and by virtue of any lease, shall be forfeited and the railroad company ousted of its right thereunder to operate, possess, or control the railroad, if: The lease has not been made in conformity with the statute governing the making of such leases; or
(2) The lessee fails to maintain the property in good repair so as to afford safe and reasonably prompt facilities of travel to the public or fails to furnish reasonable shipping accommodations for freight to its patrons.
(3) This section may be enforced at the instance of the state by its Attorney General, by information in the nature of quo warranto or other proper suit in any court having jurisdiction.
(4) Whenever any railroad company, by the judgment of any court rendered in any suit instituted by the state, shall be ousted of the possession of or right to operate any railroad, bridge, depot, or other property leased to the company by any other railroad company, then the lessor shall immediately succeed to all the rights in and to the leased property had and enjoyed by it at the time of the execution of the lease, if the lessor has been in no way responsible for the acts upon which the judgment was based except in the making of the lease.