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4.—(1) Except as may be otherwise provided in this Order, as from the relevant date—
(a)the railway or any part of it shall continue to be subject to all statutory or other provisions applicable to it at that date (in so far as they are still subsisting and capable of taking effect); and
(b)the undertaker shall, to the exclusion of the Council (except as may be provided by the terms of the lease or sale)—
(i)be entitled to the benefit of, and to exercise, all rights, powers and privileges relating to the railway; and
(ii)be subject to all obligations, statutory or otherwise, relating to the railway (in so far as they are still subsisting and capable of taking effect), to the intent that the Council shall be released from all such obligations.
(2) Paragraph (1) shall have effect during the term of any lease granted under article 3(1) (transfer of railway to company) and from the operative date of any sale under article 3(2).
(3) The exercise of the powers under any enactment by the company in pursuance of any lease or sale under article 3 shall be subject to the same restrictions, liabilities and obligations as would apply under this Order if those powers were exercised by the Council.
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