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The East Somerset Railway Order 2005
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Transfer of railways to undertaker
3.—(1) The owner may lease the railways or any part of the railways to the undertaker on such terms and conditions as may be agreed between the owner and the undertaker.
(2) The owner and the undertaker may also enter into, and carry into effect, agreements providing for the sale to, and vesting in, the undertaker of the railways or any part of the railways on such terms and conditions as may be agreed between the owner and the undertaker.
(3) Except as may be otherwise provided in this Order, as from the transfer date the railways or any part thereof shall continue to be subject to all statutory and other provisions applicable to the railways at that date (insofar as the same are still subsisting and capable of taking effect) and the undertaker shall, to the exclusion of the owner, be entitled to the benefit of, and to exercise, all rights, powers and privileges, and be subject to all obligations, statutory or otherwise, relating to the railways (insofar as the same are still subsisting and capable of taking effect), to the intent that the owner shall be released from all such obligations.
(4) Paragraph (3) shall have effect during the term of the lease and from the operative date of any sale, under paragraph (2).
(5) Any enactment by which the railways were authorised shall have effect subject to the provisions of this Order.
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