Railroad corporations in this State may make contracts and arrangements with each other, and with railroad corporations incorporated under the laws of any other state, or under the authority of the Dominion of Canada, for leasing and running the roads of the respective corporations or a part thereof, by either of their respective corporations. Such railroad corporation in this State may contract for and hold in fee simple or otherwise, lands or buildings in this or other states for depot purposes and storing freight, and may purchase and hold such personal property as is necessary and convenient for carrying into effect the object of this section.