Article 4 to Company

As from the transfer date the Company shall to the exclusion of the Commission be entitled to the benefit of and to exercise all such rights, powers and privileges and be subject to all such obligations, whether statutory or otherwise, relating to the railways (insofar as the same are subsisting and capable of taking effect) as are vested in the Commission.

For the purposes of paragraph (1) of this article all rights, powers, privileges and obligations transferred from the Corporation to the Company by the leases and subsisting at the transfer date shall be deemed to be vested in the Commission.