Article 4 Transfer of Board’s railway to Council

The Board and the Council may enter into and carry into effect agreements providing for the transfer to and vesting in the Council of the Board’s railway or any part thereof on such terms and conditions as may be agreed between the Board and the Council.

Except as may be otherwise provided in this Order, as from the transfer date the railway or any part thereof shall be subject to all statutory and other provisions applicable to the Board’s railway or such part thereof as is transferred pursuant to this Order (insofar as the same are still subsisting and capable of taking effect) and the Council shall to the exclusion of the Board be entitled to the benefit of and to exercise all rights, powers and privileges and be subject to all obligations statutory or otherwise relating to the Board’s railway (insofar as the same are still subsisting and capable of taking effect) to the intent that the Board shall be released from all such obligations.