(1) Any corporation formed under the laws of this state and chartered thereby may consolidate with any corporation of any adjoining state in the manner provided by law.
(2) The consolidated corporation shall become, be, and remain a corporation of this state and amenable to its laws and courts.
(3) No such consolidation shall be effected except between corporations, the union of whose roads will make a continuous line.
(4) Nor shall any consolidated company own, control, operate, lease, purchase, or consolidate with any parallel or competing line.