There shall be a body corporate to be known as the Office of Rail Regulation.

Schedule 1 (which makes provision about the Office) shall have effect.

The functions of the Rail Regulator are hereby transferred to the Office of Rail Regulation.

Subsection (1) applies to a function whether conferred by an enactment, by an agreement or otherwise.

All property, rights and liabilities to which the Rail Regulator is entitled or subject at the coming into force of this section (including rights and liabilities relating to staff) are hereby transferred to the Office of Rail Regulation.

The office of the Rail Regulator is hereby abolished.

Schedules 2 (consequential amendments) and 3 (savings, &c.) shall have effect.