It shall be lawful for any railroad or railway corporation chartered by this State, and it shall be taken as the exercise of powers conferred by its charter, to continue or extend the main track or line of such railroad or any extension thereof or to build or extend branch roads from such main track or line to any point or points in the vicinity thereof whenever it may be deemed advisable by such corporation so to do; but such extension or branch shall not exceed five miles in length. For the purpose of acquiring a right of way for any such extension or branch track, such railroad or railway corporation shall have and be entitled to all the rights and privileges and be subject to all the restrictions contained in the General Railroad Law in reference to the manner of acquiring the right of way.