Article 4 Transfer of Board’s railway to Council
The Board and the Council may enter into and carry into effectagreements providing for the transfer to and the vesting in the Councilof the Board’s railway or any part thereof on such terms and conditionsas may be agreed between the Board and the Council.
Except as may be otherwise provided in this Order, where anyagreement is made under this article, as from the transferdate—
the Council shall to the exclusion of the Board be entitled to thebenefit of, and to exercise all rights, powers and privileges and besubject to all obligations statutory or otherwise relating to thetransferred railway (insofar as the same are still subsisting andcapable of taking effect) to the intent that the Board shall be releasedfrom all such obligations; and
the transferred railway shall be subject to all statutory and otherprovisions applicable to the Board’s railway (insofar as the same arestill subsisting and capable of taking effect).
In this article, in relation to an agreement made under thisarticle—
“the transfer date” means the date on which the Board’s railway or any part thereof isvested in the Council by virtue of the agreement; and
“the transferred railway” means so much of the Board’s railway as is vested in the Council byvirtue of the agreement.