Article 3 Transfer of railways to undertaker

The Council may lease the railways or any part of the railways to the undertaker on such terms and conditions as may be agreed between the Council and the undertaker.

The Council and the undertaker may also enter into and carry into effect agreements providing for the sale to and vesting in the undertaker of the railways or any part of the railways on such terms and conditions as may be agreed between the Council and the undertaker.

Except as may be otherwise provided in this Order, as from the transfer date the railways or any part thereof shall continue to be subject to all statutory and other provisions applicable to the railways at that date (insofar as the same are still subsisting and capable of taking effect) and the undertaker shall to the exclusion of the Council be entitled to the benefit of, and to exercise, all rights, powers and privileges, and be subject to all obligations statutory or otherwise relating to the railways (insofar as the same are still subsisting and capable of taking effect) to the intent that the Council shall be released from all such obligations.

Paragraph (3) shall have effect during the term of any lease granted under paragraph (1) and from the operative date of any sale under paragraph (2).