28.—(1) Notwithstanding any restriction imposed by a relevant enactment on the power of disposal of land by a relevant authority required for the purposes of its undertaking the Company may with the consent of the Secretary of State enter into and carry into effect an agreement to sell, lease, charge or otherwise dispose of, on such terms and conditions as it thinks fit, the whole or any part of the undertaking comprised within the authorised works and any land held by the Company for the purpose of, or in connection with, the authorised works.
(2) Without prejudice to the generality of paragraph (1) above a transfer agreement under paragraph (1) above may provide for—
(a)the construction, maintenance, use and operation of the authorised works or any part thereof by another person and as to any other matter incidental or subsidiary thereto or consequential thereon; and
(b)the vesting in another person of all or any of the functions of the Company under this Order.
(3) A transfer agreement may be entered into so as to transfer and vest such property and functions in any other person for such period as may be specified in that agreement or for so long as the agreement remains in force and where such an agreement is entered into references in this Order to the Company shall, to the extent that the agreement so provides, have effect as references to the transferee.
(4) Without prejudice to the powers of the Company to terminate or vary a transfer agreement, a transfer agreement may specify circumstances in which that agreement shall cease to have effect before the expiry of any period specified in any such agreement.
(5) A transfer agreement may include such supplementary, incidental, transitional and consequential provisions as the Company may consider to be necessary or expedient.
(6) Without prejudice to the generality of paragraph (1) above a transfer agreement may provide for the exercise by a transferee, or the Company and a transferee jointly, of all or any of the powers of the Company (whether under this Order or under any other enactment) in respect of the authorised works or any part thereof and for the transfer to and vesting in a transferee, or the Company and a transferee jointly, of those works or any part thereof together with the rights and obligations of the Company in relation thereto.
(7) Subject to paragraph (1) above, the exercise by a transferee or the Company and a transferee jointly, of any of the powers of this Order shall be subject to all statutory and contractual provisions in relation thereto as would apply if those powers were exercised by the Company alone and accordingly those provisions with any necessary modifications shall apply to the exercise of such powers by another person, or by the Company and a transferee jointly.
(8) Upon expiry of any period specified in a transfer agreement in accordance with paragraph (3) above, or upon a transfer agreement being terminated or otherwise ceasing to have effect, the functions and property of the Company which were transferred by that agreement shall, by virtue of this paragraph but subject to the effect of any further transfer agreement entered into by the Company, be revested in the Company, but such revesting shall not make the Company subject to any of the liabilities of the transferee other than any continuing duties imposed by this Order.
(9) Notwithstanding anything in any transfer agreement, any duty arising under this Order to complete the construction of, or to maintain or operate any works in respect of which the Company’s functions are transferred by a transfer agreement, together with such rights and property as are required for the discharge of that duty, shall revert to the Company in the event of the abandonment of those works or in the event that the works are not completed within 10 years of the commencement of construction of those works.
(10) Unless the transfer agreement otherwise provides, if a duty to complete the construction of, to maintain or to operate any works reverts to the Company under paragraph (9) above, the transfer agreement shall terminate and all the functions and property of the Company which were transferred by that agreement shall be revested in the Company in accordance with paragraph (8) above.
(11) Within 21 days of the revesting in the Company of any property or functions pursuant to paragraph (8) or (10) above or the reversion to the Company of any duty, rights or property pursuant to paragraph (9) above, the Company shall serve notice on the Secretary of State, providing him with particulars of the revesting or reversion concerned.
(12) In this article, unless the context otherwise requires—
“the 1984 Act” means the London Regional Transport Act 1984(1);
“the 1999 Act” means the Greater London Authority Act 1999(2);
“functions” includes powers, duties and obligations;
“relevant enactment” means the 1984 Act or, as the case may be, the 1999 Act;
“relevant authority” means London Regional Transport, Transport for London, and if the context so requires the Mayor of London and the Greater London Authority;
“transferee” means a person to whom all or any of the property or functions of the Company have been transferred by virtue of a transfer agreement; and
“transfer agreement” means an agreement entered into under paragraph (1) above.