When it is necessary for a railroad corporation to lay out its road upon or by the side of a highway, or upon a bridge owned by a town or the Agency of Transportation, the railroad corporation shall give notice thereof to a member of the selectboard of the town (where the proposed alteration involves a town highway) or the Secretary of Transportation (where the proposed alteration involves a State highway). When the railroad corporation cannot agree with the selectboard members or with the Agency of Transportation on a road to be worked or a bridge to be built by the railroad corporation, in place of such road or bridge, or on the amount of damages, the Transportation Board shall direct it to build such road or bridge, as a substitute for the road or bridge so located upon, as the interest of the public and the parties require. Upon the construction of such road or bridge, the road or bridge so located upon shall vest in the railroad corporation. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1993, No. 172 (Adj. Sess.), § 47.)