The state may supervise and regulate the business methods and management of a corporation referred to in section 301B.01 and from time to time may fix the compensation which it may charge or receive for its services. The corporation obtaining a franchise from a city is subject to conditions and restrictions as from time to time are imposed upon it by the city. The corporation may acquire by power of eminent domain the private property necessary or convenient for the transaction of the public business for which it was formed. No street railway company has the power of eminent domain within the limits of a city.
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