Any railroad company, owning any railroad in this state, may sell or lease the whole or any part of its railroad and branches constructed or to be constructed, or any interest therein, together with all the property, rights, privileges, and franchises thereto pertaining, to any other railroad company, subject to the provisions of Article 9 of the Constitution: Provided, that no such sale or lease shall be entered into unless the line of railroad so sold or leased shall, when constructed, form a continuous line of railroad with the road of the company purchasing or leasing the same, either by direct connection therewith, or through an intermediate line or lines, constructed, or to be constructed, which such purchasing or leasing company shall have the right, by contract or otherwise, when completed, to use or operate, and any railroad company which shall so purchase or lease a railroad or railroads in this state shall possess and enjoy, within this state all the rights, powers, privileges, and franchises conferred by the laws of this state upon a railroad corporation formed thereunder.
R.L. 1910, §1446.
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