(a) The Department of Highways and Public Transportation may acquire by purchase, gift, or condemnation, and shall pay just compensation upon the removal of the following outdoor advertising signs, displays, and devices:

1. (1) those lawfully in existence on October 22, 1965;
2. (2) those lawfully erected on or after June 11, 1969.

(b) Compensation may be paid only for the following:

1. (1) the taking from the owner of the sign, display, or device of all right, title, leasehold, and interest in the sign, display, or device; and
2. (2) the taking from the owner of the real property on which the sign, display, or device is located, of the right to erect and maintain signs, displays, and devices.