5.—(1) Subject to the provisions of this Order, the Councils may agree with the Trust to lease to the Trust the light railway or any part thereof on such terms and conditions as may be agreed between the Councils and the Trust.
(2) During the continuance and subject to the terms of any lease granted under paragraph (1), the Trust shall to the exclusion of the Councils be entitled to the benefit of, and to exercise, all the rights, interests, powers and privileges and be subject to all the obligations of the Councils whether statutory or otherwise for the time being in force in respect of the light railway or such part thereof as is leased as aforesaid.