§ 173-h. Existing license, grant, franchise, permit or consent reinstated on invalidity of amendment. In the event that an amendment to any existing license, grant, franchise, permit or consent shall subsequently be declared invalid for any reason, or in the event of the failure of the approval thereof by the commissioner of transportation under the transportation law, the existing license, grant, franchise, permit or consent amended thereby shall, by operation of law be reinstated in full force and with like effect as though the same had not been amended.