TRANSPORT Citation and commencement 1 This Order may be cited as the Dart Valley Light Railway Plc (Totnes and Ashburton) Light Railway (Transfer) Order 1992 and shall come into force on27th March 1992. Interpretation 2 In this Order, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say:— “the Owner” means the Dart Valley Light Railway Plc; “the Company” means the South Devon Railway Trust; “the principal Act ” means the Light Railways Act 1896; “the principal Order ” means the British Railways Board (Totnes and Ashburton) Light Railway Order 1967 ; “the railway” means the railway authorised by the principal Order to be worked as a light railway under the principal Act. As to lease of the railway to the company 3 1 The Owner and the Company may enter into and carry into effect agreements providing for the leasing to the Company of such part of the railway as is situated between a point 197.14 metres (215.6 yards) north of its junction with the railway of British Rail from Totnes to Newton Abbot and mile post 7 (measured from the said junction) at Buckfastleigh Station on such terms and conditions as may be agreed between the Owner and the Company. 2 In the event of any lease of any part of the railway being granted to the Company pursuant to any agreement referred to in article 3(1), then as from the date upon which such part shall become vested in the company and until such lease shall be determined whether by effluxion of time or otherwise the Company shall to the exclusion of the Owner be entitled to the benefit of and to exercise all the rights powers and privileges and be subject to all the obligations of the Owner whether statutory or otherwise for the time being in force in respect of such part of the railway as is comprised in the lease. Public Liability Insurance 4 1 In this article “insurer” means any insurer or insurers authorised under the Insurance Companies Act 1982 to carry on in the United Kingdom insurance business of a relevant class or who has corresponding permission under the law of another member state of the European Economic Community; “policy” means a public liability policy with an insurer providing maximum cover in respect of any one accident on or occasioned by the operation of the railway of not less than £2 million. 2 i The Company shall not work any part of the railway unless there is in force a policy in accordance with the provisions of this article. ii In default of compliance with the provisions of this article the Company shall be liable on summary conviction to a fine not exceeding the statutory maximum or, on conviction on indictment, to a fine. 3 The adequacy of the cover provided by a policy maintained in accordance with this article shall be regularly reviewed by the Company. Costs of the Order 5 All costs charges and expenses incurred by the Owner or Company in, or incidental to, the preparing for, obtaining and making of this Order or otherwise in relation thereto shall be paid by the Company and may in whole or in part be defrayed out of revenue. Signed by authority of the Secretary of State for Transport J. R. Coates An Under Secretary in the Department of Transport 26th March 1992