Section 23-11-312 - Rights and privileges of consolidated and purchasing companies(a) When any two (2) railroad companies shall become consolidated under the laws of this state or when any railroad which has been wholly or partially constructed shall become the lawful purchaser or owner of another line which has not been constructed, the consolidated company, or company purchasing the unconstructed line, shall have all the rights, privileges, and franchises of the original companies and have the same length of time from the date of consolidation within which to comply with the requirements of Acts 1885, No. 104, §§ 1 and 2 [repealed], as was originally allowed to railroad companies under that act.(b) Nothing contained in this section shall be so construed as to exempt any railroad or extension or branch thereof from legislative control in the same manner and to the same extent as railroads organized under the general laws of this state.Acts 1889, No. 116, § 2, p. 171; C. & M. Dig., § 8543; Pope's Dig., § 11119; A.S.A. 1947, § 73-418.