Tenn. Code Ann. § 65-8-101

Every railroad corporation in this state, and railroad companies existing under the joint legislation of this and another state or states, and railroad companies incorporated by this, or another or other state or states, whose roads connect with, or intersect each other in this or any other state, and all railroad corporations created in this state, or by virtue of statutes of any other state, ratified and confirmed by the authority of this state, has the power to acquire, by purchase or other lawful contract, and have, hold, use, and operate, any railroad, with its franchises, belonging to any other railroad corporation; and likewise to have, hold, use, and operate any such railroad, with its franchises, which it may have purchased or acquired.