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(1)Except as may be otherwise provided in this Act, as from the coming into force of this Act, the authorised undertaker shall—
(a)be subject to all statutory provisions applicable to the former railway (but only insofar as the same are still subsisting and capable of having effect);
(b)to the exclusion of all other parties be entitled to the benefit of and to exercise all rights, powers and privileges relating to the former railway insofar as the same are still subsisting and capable of taking effect; and
(c)be subject to all statutory obligations relating to the former railway insofar as the same are still subsisting and capable of taking effect, with the intent that all other parties shall be released from all such obligations.
(2)In this section “former railway” means so much of any former railway as is situated within the limits of deviation and is in existence on the date of the coming into force of this Act.
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