Article 3 Transfer of the railway to the Undertaker
The Owner and the Undertaker may enter into and be party to and carry into effect agreements providing for the transfer to, and vesting in, the Undertaker of all such title, rights, interests and powers as it may have in or in respect of the railway.
Except as may be otherwise provided in this Order, as from the Transfer Date—
the railway or any part of it continues to be subject to all statutory and other provisions and consents applicable to the railway at that date (in so far as those provisions are still subsisting and capable of taking effect), and
the Undertaker is to the exclusion of the Owner—
entitled to the benefit of, and to exercise, all rights, powers and privileges relating to the railway or any part of it, and
subject to all obligations, statutory or otherwise, relating to the railway or any part of it (in so far as those provisions are still subsisting and capable of taking effect) to the intent that the Owners shall simultaneously be released from all such obligations.