Article 3 Agreements with Network Rail for transfer schemes
The undertaker and Network Rail may, subject in the case of Network Rail to compliance with the terms of its network licence, agree, enter into, and carry into effect a scheme or schemes for the transfer to the undertaker of the whole or any part of—
the core Valley lines, and
the core Valley lines undertakings.
A transfer scheme under paragraph (1) may be made pursuant to an agreement made before the coming into force of this Order which, had it been made on or after that date, could have been made under paragraph (1).
Where a transfer scheme is made under paragraph (1) the undertaker is, to the extent set out in the transfer scheme—
entitled to the benefit of, and to exercise, all rights, powers and privileges relating to the core Valley lines or any part of them referred to in the transfer scheme,
subject to all obligations, statutory or otherwise, relating to the core Valley lines or any part of them (in so far as those provisions continue in force and are capable of taking effect), with Network Rail released from all such obligations in the terms provided for in the transfer scheme, and
able to adapt for use, maintain, use and operate any railway on in over or under that land, works and property.
Nothing in paragraph (3) prejudices any express statutory provision for—
the protection of the owner, lessee or occupier of any property specifically identified by the provision, or
the protection or benefit of any public trustees or commissioners, corporation or other person, specifically named in the provision.
Schedule 2 makes further provision about transfer schemes.