Article 3 Transfer of Company’s property and functions

The Company may enter into and carry into effect an agreement to sell, lease, charge or otherwise dispose of, on such terms and conditions as they think fit, the whole or any part of the undertaking consisting of the railway and other works comprised within the works as defined in the 1991 Act, and any land held for the purpose of, or in connection with, those works, so far as such undertaking is vested in the Company.

Without prejudice to the generality of paragraph (1) above, the Company may enter into and carry into effect an agreement or agreements with any other person with respect to the transfer to and vesting in that other person of all or any of the functions of the Company arising under the Acts, including such functions as become exercisable by the Company by virtue of an agreement under section 19 (Exercise of powers with respect to works) of the 1991 Act.

A transfer agreement may be entered into so as to transfer and vest such property and functions in any other person for such period as may be specified in that agreement or for so long as the agreement remains in force and where such an agreement is entered into references in the Acts to the Company shall, to the extent that the agreement so provides, have effect as references to the transferee.

Without prejudice to the powers of the Company to terminate or vary a transfer agreement, a transfer agreement may specify circumstances in which that agreement shall cease to have effect before the expiry of any period specified in any such agreement.

A transfer agreement may include such supplementary, incidental, transitional and consequential provisions as the Company may consider to be necessary or expedient.