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Article 4 Transfer of railway by undertaker

Original text. Later amendments are not shown.

(1)

In this article—

  • “lease” includes an underlease and “lease” where used as a verb shall be construed accordingly;

  • “the transferor” means any person by whom the railway, or any part of it, is leased or sold pursuant to this article;

  • “the transferee” means any person to whom the railway, or any part of it, is leased or sold pursuant to this article; and

  • “the transferred undertaking” means so much of the railway as is leased or sold pursuant to this article.

(2)

The undertaker may, with the consent of the Secretary of State, sell or lease the railway, or any part of it, to any person on such terms and conditions as may be agreed between the undertaker and that person.

(3)

Except as may be otherwise provided in this Order, the transferred undertaking shall continue to be subject to all statutory and other provisions applicable to it at the date of the sale or lease (in so far as the same are still subsisting and capable of taking effect) and the transferee shall, to the exclusion of the transferor, 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 transferred undertaking (in so far as the same are still subsisting and capable of taking effect), to the intent that the transferor shall be released from all such obligations.

(4)

Paragraph (3) shall have effect during the term of any lease granted, and from the operative date of any sale, under paragraph (2).