Article 4 Transfer of rights, etc. in railway to Company

Subject to paragraph (2) below, as from the effective date all such rights, powers, privileges and obligations as are vested in or borne by the Board immediately before that day with respect to Railway No.1 or Railway No.2, as the case may be, shall be transferred to and vest in the Company and thereafter the Company shall to the exclusion of the Board 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, then in force to the intent that the Board shall be released from all such obligations.

In respect of Railway No.2, paragraph (1) above shall apply only during the continuance of any lease of that railway but shall not apply to the obligations of the Board under section 68 of the Railways Clauses Consolidation Act 1845.

As from the effective date the Company may work Railway No.1 or Railway No.2, as the case may be, as a light railway under the principal Act and in accordance with the provisions of this Order.