Section 147. The board of trustees of a transportation area shall have full power to operate the street railway property leased or acquired thereby, or any equipment or facility otherwise acquired, or to lease or sublease the same, and to enter into contracts with private companies for the operation of mass transportation services within the transportation area, all such powers being subject to such conditions as may be approved by the department, and may appoint and remove and fix the compensation of such officers, managers and assistants as may be necessary. The board shall have the power to apply for and receive aid of any kind under the provisions of any federal or state law.

If, upon the establishment of a transportation area, the board of trustees shall acquire any private company previously operating within its area, the employees of such company, other than its board of directors, shall become employees of the transportation area and no employee of such company becoming an employee of the transportation area in accordance with this section shall, by reason of transfer to employment by the transportation area, without his consent be removed, lowered in rank or compensation or suspended, except for just cause and for reasons specifically given to him in writing twenty-four hours after such removal, suspension, transfer or lowering in rank or compensation; nor shall any such employee, by reason of such transfer, without his consent be in any worse position in respect to workers' compensation, pension, superannuation, sickness or any other benefits or allowances granted by his previous employer to himself, his widow, family or personal representatives than he enjoyed under any person, firm or corporation under whom he held his employment immediately prior to his transfer to the employment of the transportation area; provided that the trustees may abolish any office or post of any existing executive officer if in the opinion of the trustees the same is an unreasonable addition to the staff of the transportation area.