art 8 Transfer of rights and obligations
(1) In this article “the relevant date” means the date of the coming into force of this Order or, in relation to any part of the railway which at that date is not owned by or leased to the undertaker, the date upon which the undertaker acquires that part by agreement, or takes a lease of that part. (2) Except as may be otherwise provided in this Order, as from the relevant date the railway or any part thereof shall continue to be subject to all statutory and other provisions applicable to the former railway at that date (in so far as the same are still subsisting and capable of taking effect) and the undertaker shall to the exclusion of BRB (Residuary) Limited, 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 former railway (in so far as the same are still subsisting and capable of taking effect) to the intent that BRB (Residuary) Limited shall be released from all such obligations.