6.—(1) The Council may lease to the Company the railway or any part thereof together with the rights, interests, powers, privileges and obligations vested in the Council by article 4 of this Order on such terms and conditions as may be agreed between the Council and the Company.
(2) During the continuance of the lease the Company shall, subject to article 7 below, to the exclusion of the Council be entitled to the benefit of and to exercise all rights, interests, powers and privileges and be subject to all obligations statutory or otherwise as are transferred to or conferred on the Council by this Order and are for the time being in force in respect of the railway or such part thereof as is comprised in the lease.