The Board of Estimates of the Mayor and City Council of Baltimore City, subject to ratification and approval by ordinance, is hereby authorized and empowered to agree with any railroad company for the surrender of any of its franchises, easements or rights-of-way and in substitution for the franchise, easement or right-of-way so surrendered, to grant a new franchise, easement or right-of-way on any highway, street, avenue or road and which may be for the same duration as the franchise, easement or right-of-way surrendered. P.L.L., 1949, §605A 1969, §18-5 1948 Sp. Sess., ch. 60