Article 4 Transfer of rights etc. in the Railway to the Society
The Board and the Society may enter into and carry into effect agreements providing for the transfer to and vesting in the Society of the Railway on such terms and conditions as may be agreed between the Board and the Society.
During the continuation of the Lease and thereafter from the day of transfer:—
the Railway shall be subject to the same statutory and other provisions as were applicable thereto when the Railway Land was in the ownership and occupation of the Board (insofar as the same are still subsisting and capable of taking effect) and the Society shall to the exclusion of the Board be entitled to the benefit of, and to exercise, all rights, interests, powers and privileges and be subject to all obligations, whether statutory or otherwise, relating thereto as were in effect when the Railway Land was in the ownership and occupation of the Board (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.
The Society may work the Railway as a light railway under the principal Act and in accordance with the provisions of this Order.