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Rail Management Act 1996
47Substitution of party to agreement
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47 Substitution of party to agreement
Where, under an allocation statement, the rights and liabilities of a transferor under an agreement are allocated to a transferee in accordance with a direction under section 40 or 41—
(a) the transferee becomes, on the relevant date, a party to the agreement in place of the transferor; and
(b) on and after the relevant date, the agreement has effect as if the transferee had always been a party to the agreement.