art 4 Transfer of railway by the Company
(1) At any time after the transfer date the Company may, with the consent of the Welsh Ministers, sell or lease the railway, or part of it, to any transferee on such terms and conditions as may be agreed between the Company and the transferee. (2) Except as may be otherwise provided by this Order: (a) the transferred undertaking will continue to be subject to all statutory and other provisions applicable to it at the date of the lease or sale (in so far as those provisions continue in force and are capable of taking effect); and (b) the transferee is, to the exclusion of the Company entitled to the benefit of, and to exercise all rights, powers and privileges relating to the transferred undertaking and subject to all obligations, statutory or otherwise, relating to the transferred undertaking, with the Company released from all such obligations. (3) Where an agreement has been made by virtue of paragraph (1) references in this Order to the Company shall include references to the transferee. (4) Paragraphs (1), (2) and (3) have effect during the continuance of any lease granted, and from the operative date of any sale, under the powers conferred by this article.