Whenever the commission shall desire to construct or cause to be constructed any dam or similar structure in or across any lake, stream, river or other waters under its control in order to prevent or control the deterioration or drying up of such waters, and the construction of such dam or other structure could cause the level of such waters to be raised and thereby cause the land or property adjoining or adjacent to such lake, stream, river, or other waters to be overflowed, inundated or flooded, the commission shall have the power and authority to acquire, hold and own any such land or property so overflowed, inundated or flooded from the owner thereof by purchase, grant, donation, or otherwise. The commission is hereby authorized and empowered to exercise the right of eminent domain to condemn any such land or property in the manner and method now or hereafter provided by law for the exercise of such right of eminent domain by railway, telegraph and telephone companies, and/or the Mississippi Transportation Commission.