Article 4 As to leasing of the Borough Council’s Railway to the Company

The Borough Council may continue the Lease and shall have power to accept a surrender thereof and grant a new lease of the Borough Council’s Railway or any part thereof on such terms and conditions as may be agreed between the Borough Council and the Company.

During the continuance of the Lease the Company shall, to the exclusion of the Borough Council, be entitled to the benefit of, and to exercise, all the rights, powers and privileges and be subject to all the obligations of the Borough Council whether statutory or otherwise for the time being in force in respect of such parts of the Borough Council’s Railway as are comprised in the Lease.