(a) A corporation organized under the laws of this state that is authorized to construct, acquire, and operate an interurban railway may:
(1) acquire, lease, or purchase the physical property, rights, and franchise of any other railway corporation with similar powers; or
(2) lease or purchase physical property, rights, and franchises of any suburban or street railway corporation the railway lines of which are to be operated in connection with the interurban railway.
(b) The owner of physical property or a right or franchise described by Subsection (a)(1) or (2) may sell or dispose of the property, right, or franchise to the corporation making an acquisition, lease, or purchase under Subsection (a).
(c) An acquisition or purchase under this section may be on the terms:
(1) agreed to by the board of directors of each corporation; and
(2) authorized or approved by a majority of the stockholders of each corporation.