(a) If any railroad corporation organized under the laws of this state has prior to March 10, 1933, leased its property for a long term of years to another corporation, if that lease has terminated, and if the lessor is not a going concern or equipped to conduct the operations of a railroad company, that railroad corporation may sell or lease its property, rights, and franchises to another railroad corporation upon such terms as may be agreed upon by the board of directors of the selling or lessor corporation and assented to by the holders of a majority of its stock.

(b) The railroad corporation to which a sale or lease is made under subsection (a) of this Code section shall acquire all the property, rights, and franchises of the selling or lessor corporation.