Article 4 Transfer of railway to Association; leasing to Company

The Board and the Association may enter into and carry into effect agreements providing for the transfer to and vesting in the Association of the new railways or any part of either of them on such terms and conditions as may be agreed between the Board and the Association.

As from the transfer date the Association 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 of the Board whether statutory or otherwise for the time being in force in respect of the new railways or such part of them as is vested in the Association, with the intent that the Board shall be released from all such obligations.

As from the transfer date the Association may lease to the Company any part of the new railways vested in the Association together with the rights, interests, powers, privileges and obligations vested in the Association in accordance with paragraph (2) of this article on such terms and conditions as may be agreed between the Association and the Company.

During the continuance of the lease the Company shall to the exclusion of the Association be entitled to the benefit of and to exercise all rights, powers and privileges and be subject to all obligations of the Association whether statutory or otherwise as are transferred to or conferred on the Association by or in pursuance of this Order and are for the time being in force in respect of the new railways or such part of them as is comprised in the lease.