(1) Promptly after the filing of an application for the organization of a railroad corporation, the Arkansas Department of Transportation, under and in accordance with rules and regulations to be established by the department, shall set a date for a hearing upon the application and shall provide that notice of the hearing shall be given to all persons whose interest may be adversely affected by the granting of the application.
(2) The department shall issue its order authorizing the granting of a charter to the proposed corporation if after the hearing the department finds that: A need exists for the formation of the railroad corporation;
(3) The public good and convenience will be served thereby; and
(4) The proposed financing of the corporation is adequate to permit and enable the corporation to provide all of the services and facilities proposed and to protect the public interest.
(5) A copy of the department's order, together with verified copies of the articles of incorporation, shall be filed in the office of the Secretary of State.