Transfer of Board’s railway
4.—(1) Subject to the following provisions of this article, the Board may transfer the whole or any part of the Board’s railway to the Trust on such terms and conditions as may be agreed between the Board and the Trust.
(2) On and after the transfer date the Trust shall to the exclusion of the Board be entitled to the benefit of and to exercise all rights, powers and privileges and be subject to all obligations of the Board whether statutory or otherwise relating to the Board’s railway or the relevant part thereof, with the intent that the Board shall be released from all such obligations.
(3) Without prejudice to the generality of paragraph (2) above sections 116, 117 and 118 of the Transport Act 1968 shall, on and after the transfer date, apply to the Board’s railway or the relevant part thereof as if references to the Board were references to the Trust.