Article 9 Transfer of railways to undertaker

(1)

The owner and the undertaker may enter into and carry into effect agreements providing for the sale to, and vesting in, the undertaker of the existing railways or any part of the existing railways.

(2)

Except as may be otherwise provided in this Order, as from the transfer date—

(a)

the existing railways or any part of them shall continue to be subject to all statutory and other provisions applicable to the existing railways at that date (in so far as those provisions are still subsisting and capable of taking effect); and

(b)

the undertaker shall to the exclusion of the owner—

(i)

be entitled to the benefit of, and to exercise, all rights, powers and privileges relating to the existing railways or any part of them; and

(ii)

be subject to all obligations, statutory or otherwise, relating to the existing railways or any part of them (in so far as those provisions are still subsisting and capable of taking effect) to the intent that the owner shall be released from all such obligations.