Article 5 Leasing of the railways to the Company

As from the transfer date the Council may lease to the Company the railways or any part thereof together with the rights, interests, powers, privileges and obligations vested in the Council in accordance with article 3 (Transfer of the railways to the Council) of this Order on such terms and conditions as may be agreed between the Council and the Company.

During the continuance of the lease the Company shall, as well as the Council, be entitled to the benefit of, and to exercise, all such rights, interests, powers and privileges and be subject to all such obligations of the Council whether statutory or otherwise as are transferred to or conferred on the Council by this Order and are for the time being in force in respect of the railways or such a part thereof as are comprised in the lease.