Except as may be otherwise provided in this Order, as from the coming into force of this Order the railway or any part thereof shall be subject to all statutory and other provisions applicable to the Board’s railway (insofar as the same are still subsisting and capable of taking effect) and the Council shall, subject to articles 6 and 7 below, to the exclusion of the Board 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 Board’s railway (insofar as the same are still subsisting and capable of taking effect) to the intent that the Board shall be released from all such obligations.