5.—(1) A transfer scheme may contain provision for a transfer to take effect as if there were no contravention or liability, or interference with any interest or right, that there would otherwise be under a provision falling within sub-paragraph (2).
(2) A provision falls within this sub-paragraph if it has effect (whether under an enactment or agreement or otherwise) in relation to the terms on which Network Rail is entitled to the property or right, or subject to the liability, for whose transfer the transfer scheme provides.
(3) A transfer scheme may contain provision for—
(a)the creation of an interest in property (including a lease),
(b)the transfer of shares in a subsidiary of Network Rail, or
(c)the creation of a right in relation to property,
to take effect as if there were no contravention or liability, or interference with any interest or right, that there would otherwise be under a provision falling within sub-paragraph (4) or (5).
(4) A provision falls within this sub-paragraph if it has effect (whether under an enactment or agreement or otherwise) in relation to the terms on which Network Rail is entitled to the property.
(5) A provision falls within this sub-paragraph if it has effect (whether under an enactment or agreement or otherwise) in relation to the terms on which a subsidiary of Network Rail is entitled or subject to anything immediately before the creation of the interest or right takes effect.