Article 3 As to lease of the railway to the company

The Owner and the Company may enter into and carry into effect agreements providing for the leasing to the Company of such part of the railway as is situated between a point 197.14 metres (215.6 yards) north of its junction with the railway of British Rail from Totnes to Newton Abbot and mile post 7 (measured from the said junction) at Buckfastleigh Station on such terms and conditions as may be agreed between the Owner and the Company.

In the event of any lease of any part of the railway being granted to the Company pursuant to any agreement referred to in article 3(1), then as from the date upon which such part shall become vested in the company and until such lease shall be determined whether by effluxion of time or otherwise the Company shall to the exclusion of the Owner be entitled to the benefit of and to exercise all the rights powers and privileges and be subject to all the obligations of the Owner whether statutory or otherwise for the time being in force in respect of such part of the railway as is comprised in the lease.