When a canal company is organized under this chapter it has all the powers and privileges of electric light and power companies under the laws of this State and may own, build, maintain, purchase, lease, and operate the canal or canals specified in its charter and may build, maintain, purchase, lease, own, and operate all dams, locks, reservoirs, feeders, basins, wharves, appurtenances, ways, means, and appliances necessary to a canal. Any canal company may acquire by lease or purchase the lands necessary for the above purposes and when the canal is to be kept open for the use of the public for navigation, the company may condemn lands necessary to perform its purpose.