Article 6 Transfer of rights, etc. to the Society

The Society shall to the exclusion of the Board be entitled to the benefit of and to exercise all rights, powers and privileges and be subject to all obligations of the Board, whether statutory or otherwise for the time being in force in respect of the railway or such parts thereof as are leased or transferred as aforesaid (insofar as the same are still subsisting and capable of taking effect) to the intent that (subject to paragraph (2) of this article) the Board shall be released from all such obligations.

Paragraph (1) of this article shall have effect during the currency of the lease and from the operative date of any transfer under the provisions of article 5 of this Order.