3.—(1) Railtrack may lease to the Company the Railway or any part thereof on such terms and conditions as may be agreed between Railtrack and the Company.
(2) Except as otherwise provided in this Order, as from the operative date and until the lease shall be determined whether by effluxion of time or otherwise the Company’s Railway or any part thereof shall be subject to all statutory and other provisions applicable to the Railway (insofar as the same are still subsisting and capable of taking effect) and the Company to the exclusion of Railtrack shall 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 Railway (insofar as the same are subsisting and capable of taking effect) to the intent that Railtrack shall be released from all such obligations.
(3) As from the operative date and until such determination of the lease the Company may maintain and work the Company’s Railway or any part thereof as a light railway under the Act.