(a) Any party making a purchase under Code Section 46-8-107, or his associates or assigns, may organize anew by filing a petition with the Secretary of State requesting to be substituted for the original petitioners and stockholders, with all their powers, rights, privileges, duties, and liabilities under this title. The petition shall set forth only the facts showing the sale and purchase as provided in Code Section 46-8-107. If the purchasers desire any additional powers not contained in the original charter of the railroad company but which may be obtained under this title, the said petition shall set forth specifically which additional powers are so desired.

(b) The petition shall be verified by one of the purchasers or by his counsel.

(c) When the petition is filed as aforesaid, the Secretary of State shall examine the same and issue a certificate under the great seal of the state in the form prescribed in Code Section 46-8-42, varied to suit the particular case. The petitioners shall pay to the Secretary of State the fee required by Code Section 14-4-183 for the filing of a petition for the renewal of a charter. Upon their substitution, the new incorporators may proceed anew by electing new directors as provided by this title, may distribute and dispose of stock, and may conduct their business generally as provided by this title; and such purchasers and their associates or assigns shall thereupon be a corporation and shall have all the powers, privileges, and franchises conferred by and shall be subject to Code Section 46-8-100. No debt, trust deeds, mortgages, or other liens shall be made or created by the purchasers except on terms and conditions similar to those prescribed in Code Section 46-8-53 for the increase of capital stock or the insurance of bonds.