The Commission shall have power to issue said certificate as prayed for, or to refuse to issue the same, or to suspend or revoke the same, or to issue it for construction, operation, or acquisition of some portion only of the proposed water transportation line.

No certificate shall be issued until the expiration of forty-five (45) days from the date of the first publication of notice, nor shall any certificate be issued without hearing unless no protest is filed to the granting of the certificate by any interested party within such forty-five-day period. In the event such protest is filed, then the Commission shall set the matter for public hearing; however, in the event no protest is filed, the Commission, at its discretion, may issue the certificate forthwith or set the matter for public hearing on its own motion.