art 3 Transfer of rights and obligations to the Company
(1) Subject to the following provisions of this Order, Holdings may enter into and carry into effect agreements providing for the transfer to, and vesting in, the Company of all such rights, interests and powers as it may have in or in respect of the railway. (2) Except as may be otherwise provided in this Order, as from the transfer date— (a) the railway or any part of it continues to be subject to all statutory and other provisions applicable to the railway at that date (in so far as those provisions continue in force and are capable of taking effect); and (b) the Company is to the exclusion of Holdings— (i) entitled to the benefit of, and to exercise all rights, powers and privileges relating to the railway or any part of it; and (ii) subject to all obligations statutory or otherwise relating to the railway or any part of it (in so far as those provisions continue in force and are capable of taking effect) with Holdings released from all such obligations.