When made necessary by reason of highway improvement incident to increased load or speed of motor vehicular traffic, upon petition of the railroad corporation owning or operating the crossing mentioned in section 3570 of this title or of the municipality in which the crossing is located or of the Agency of Transportation, to the Transportation Board, after hearing and due notice to the parties in interest, the cost of the repairing and rebuilding may be apportioned between the State, the municipality with its consent, and the railroad in such proportion as the Board finds just and equitable. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1969, No. 76, § 5; 1993, No. 172 (Adj. Sess.), § 52.)