There shall be a body corporate to be known as the F2Office of Rail and Road.

Schedule 1 (which makes provision about the Office) shall have effect.

The Secretary of State may by regulations make provision for the body established by section 15 to be known by a different name.

Regulations under this section may amend this Act or any other enactment, whenever passed or made.

Regulations under this section are to be made by statutory instrument.

A statutory instrument which contains regulations under this section is subject to annulment in pursuance of a resolution of either House of Parliament.

The functions of the Rail Regulator are hereby transferred to the Office of Rail Regulation.

Subsection (1) applies to a function whether conferred by an enactment, by an agreement or otherwise.

All property, rights and liabilities to which the Rail Regulator is entitled or subject at the coming into force of this section (including rights and liabilities relating to staff) are hereby transferred to the Office of Rail Regulation.

The office of the Rail Regulator is hereby abolished.

Schedules 2 (consequential amendments) and 3 (savings, &c.) shall have effect.