(1) Any person or corporation, public or private, who may wish to donate, grant, or devise any lands or other property for the purpose of aiding in the construction, building, or running of any railroad within this state, under the provisions of this act, may, by deed or otherwise, convey the lands or other property to the state for that purpose. The property shall then be held by the state for that purpose solely.
(2) The donor, grantor, or devisor may, at his or her discretion, designate the railroad company or association to which the lands or other property shall be appropriated.
(3) If the road or corporation is not completed within the time fixed by law, the land or property so donated shall revert back to the donor, grantor, or devisor.