The Preston Dock Railway Order 2004

Transfer of railways by undertaker

4.—(1) In this article—

“lease” includes an underlease and “lease” where used as a verb shall be construed accordingly;

“the transferee” means any person to whom the undertaking, or any part of it, is leased or sold pursuant to this article; and

“the transferred undertaking” means so much of the railways as is leased or sold pursuant to this article.

(2) The undertaker may, with the consent of the Secretary of State—

(a) lease the railways, or any part of them, to any person; or

(b) following any sale under article 3(2), sell the railways, or any part of them, to any person;

on such terms and conditions as may be agreed between the undertaker and the transferee.

(3) Except as may be otherwise provided in this Order, the transferred undertaking shall continue to be subject to all statutory or other provisions applicable to the transferred undertaking at the date of the lease or sale (insofar as the same are still subsisting and capable of taking effect), and the transferee shall, to the exclusion of the undertaker, 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 transferred undertaking (insofar as the same are still subsisting and capable of taking effect), to the intent that the undertaker shall be released from all such obligations.

(4) Paragraph (3) shall have effect during the term of any lease granted under paragraph (2)(a) and from the operative date of any sale under paragraph (2)(b).