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Transfer of railways, etc. by Railtrack PLC.
4.—(1) Railtrack may transfer to the Nottingham Company or, with the consent of the Secretary of State, to any associated company (as defined in section 416 of the Income and Corporation Taxes Act 1988()) of the Nottingham Company—
(a)Railway No.1 and Railway No.2, or any part of those railways; and
(b)so much of the land required for Railway No.3 as at the date of the coming into force of this Order is owned by Railtrack
on such terms and conditions as may be agreed between Railtrack and the Nottingham Company or its associated company, as the case may be.
(2) As from the date of any agreement made under paragraph (1) above in relation to any part of the railways, sections 116, 117 and 118 of the Transport Act 1968() shall apply to that part as if references to the Board in those sections were references to the undertaker.
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