Any such corporation may make and issue bonds bearing such rate of interest, not exceeding seven per cent per annum, payable at such times and places and in such amount or amounts as it may deem expedient and may sell and dispose of such bonds at such prices and in such manner as it may deem proper and secure the payment of such bonds by mortgage or deeds of trust on its railroad or any part thereof and its real and personal property and franchises. And all of the property and franchises of such corporation embraced or intended to be embodied in any such mortgage or deed of trust, whether then held or thereafter acquired, shall be subject to the lien and operation of such mortgage or deed of trust and, in case of sale under it, shall pass to and become vested in the purchaser thereof so as to enable him to form a new corporation in the manner herein prescribed and to vest in such new corporation all the faculties, rights, immunities, privileges and franchises possessed by its predecessor or conferred by this chapter.