Section 20. Railroads; acquisition and disposal by state

Railroads; acquisition and disposal by state

It shall be competent for the State to acquire, purchase, take, hold and operate any railroad, or railroad property, belonging to any railroad or railway company in this State heretofore organized under a special charter still in force and effect and constituting a contract between the State and said company, wherein the right to purchase or acquire has been reserved to the State, whenever in the judgement of the Legislature such acquisition or purchasing is necessary to protect and conserve the rights and interests of the State under such charter or contract. Any and all debts or obligations of such company constituting a lien upon such railroad, or railway property, may be assumed by the State; and such road or property may be leased, sold or disposed of in such manner as may be provided by law.