Any contract carrier by motor vehicle who, during any period of not less than one year, fails or has failed to render any part of the service authorized by the contract carrier’s permit, except for the reason that the highways over which the contract carrier must operate are impassable because of floods, conditions of the highways, or for other reasonable causes, shall be deemed to have abandoned that part of the service authorized by the contract carrier’s permit; and if, after a hearing, the administrator finds that the carrier has so failed to render service in accordance with the contract carrier’s permit, and not for any reason set forth in the foregoing exceptions, the contract carrier’s rights thereto, to the extent of the contract carrier’s failure to render service, shall be forfeited; and the administrator shall reissue the contract carrier’s permit subject to the resulting limitations.
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