§ 124-12. Powers of a State-owned railroad company.
§124‑12. Powers of a State‑owned railroad company.
A State‑owned railroadcompany shall have, in addition to the powers of any railroad corporation, thepower to:
(1) Lease, license, orimprove property. A State‑owned railroad company may lease, license, orimprove its right‑of‑way and property, whether held by easement,presumptive grant, express grant, or otherwise, for the purpose of preservingand protecting its railroad corridor and franchise.
(2) Condemnation in feesimple. A State‑owned railroad company may exercise the power ofeminent domain to acquire property in fee simple for the purposes specified inG.S. 40A‑3(a)(4). The procedures of Article 2 of Chapter 40A of theGeneral Statutes shall apply to the exercise of the power of eminent domainunder this subdivision. (2000‑146, s. 7.)