(a) This section applies only to a private corporation that on April 26, 1937, was authorized by its charter and the statutes of this state to operate street and interurban railways and had the power to distribute and sell gas or electricity to the public.
(b) During the unexpired period of its corporate charter, a corporation that abandons or discontinues or has abandoned or discontinued the operation of its railways or motor buses substituted for the railways may continue to distribute and sell electricity or gas as authorized by its corporate charter and statutes in the same manner as if the abandonment or discontinuation had not occurred.