(1) If a rail carrier files a notice of intent to abandon or discontinue as provided for in the Interstate Commerce Act, the Mississippi Transportation Commission shall have the power to acquire the railroad that is proposed to be abandoned or discontinued. The Mississippi Transportation Commission shall have the power to construct, own, hold, control, use, extend, relocate, operate, maintain, repair, equip and lease such railroad and any machinery, equipment or other facilities required and incidental to the ownership and operation of such railroad.
(2) For the purposes provided for in subsection (1) of this section, the Mississippi Transportation Commission shall have the power to acquire rights-of-way, land, easements, property and interests in property by gift, purchase, condemnation or otherwise. In exercising condemnation under this section, the commission shall condemn property in the manner provided by law.