(1) The State Highway Commission is authorized to enter into agreements to exchange or agreements to transfer highways with appropriate county and municipal authorities.
(2) County and municipal authorities are authorized to enter into agreements with the commission to exchange or agreements to transfer highways in their respective highway systems.
(3) An exchange or transfer under this section shall include all property interests held by the transferring party.
(4) An exchange or transfer under this section does not require an exchange of money or other consideration.
(5) This section does not affect the authority of the commission under § 27-67-321 or § 27-67-322.