Transfer of railway by the undertaker4.
(1)
In this article―
“the transferee” means any person to whom the railway, or any part of it, is leased under the powers conferred by this article;
“the transferor” means any person by whom the railway, or any part of it, is leased under the powers conferred by this article; and
“the transferred undertaking” means so much of the railway as is leased under the powers conferred by this article.
(2)
From the relevant date—
(a)
the undertaker as it is from the relevant date may, with the written consent of Network Rail (such consent not to be unreasonably withheld or delayed), lease the railway or any part of it to the Company; and
(b)
the undertaker may, with the written consent of Network Rail (such consent not to be unreasonably withheld or delayed) and the written consent of the Secretary of State, lease the railway or any part of it to any person,
on such terms and conditions as may be agreed between the parties.
(3)
Except as otherwise provided in this Order—
(a)
the transferred undertaking continues to be subject to all statutory and other provisions applicable to it at the date of the lease; and
(b)
the transferee, to the exclusion of the transferor, is—
(i)
entitled to the benefit of, and to exercise, all rights relating to the transferred undertaking so far as exercisable by the transferor; and
(ii)
subject to all obligations relating to the transferred undertaking, with the transferor released from all such obligations.
(4)
Paragraph (3) has effect during the term of any lease granted under the powers conferred by this article.