Any railroad company organized under the laws of this State which shall fail to comply with the provisions of section 48:12-29 of this Title shall forfeit thereby the franchises given to it by such laws.
Where any company has failed to construct its road upon any part of the location shown by its filed survey within the time allowed by law and after the expiration of such time any other railroad company duly files a survey of a location crossing or occupying the same, the company last filing its location shall have priority of right over such location.