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14.—(1) Subject to paragraphs (2) and (3) below, Union Railways may enter into an agreement with any person (“the transferee”) for the transfer of all or any of its undertaking under this Order, including all or any of the functions, powers or duties of Union Railways under this Order—
(a)either permanently or for such period as is specified in or determined under the agreement; and
(b)either unconditionally or subject to such conditions or upon the happening of such events as may be specified in the agreement.
(2) The terms of any agreement made by virtue of paragraph (1) above shall, unless the transferee is the Secretary of State or a nominated undertaker for any purposes of any provisions of Part 1 of the 1996 Act, be subject to the approval of the Secretary of State.
(3) Any agreement or undertaking entered into by Union Railways in connection with the promotion of this Order shall, so far as relevant to any functions, powers or duties under this Order exercisable by the transferee under an agreement made by virtue of paragraph (1) above, be binding on the transferee.
(4) Where an agreement is made by virtue of paragraph (1) above, references to Union Railways in this Order (including references treated by article 15(3)(c) below as substituted in the 1996 Act) shall, to such extent and for such purposes as the agreement so provides, have effect as references to the transferee.
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