The undertakers may, with the consent of the Secretary of State, sell, lease, charge or otherwise dispose of, on such terms and conditions as they think fit, the whole or any part of the LRT system or the right to operate the LRT system under this Act, to any person, including Greater Nottingham Rapid Transit Limited or any company formed under section 70 (Power to form companies, etc.) of this Act.

Without prejudice to the generality of subsection (1) above, the undertakers may enter into and carry into effect agreements with any person, including Greater Nottingham Rapid Transit Limited or any company formed under section 70 (Power to form companies, etc.) of this Act with respect to any of the following matters, namely, the construction, maintenance, use and operation of the LRT system, or any part or parts of that system, by any such person, and other matters incidental or subsidiary thereto or consequential thereon, and the defraying of, or the making of contributions towards, the cost of the matters aforesaid by the undertakers or any such person.

Any agreement under subsection (2) above may provide (inter alia) for the exercise of the powers of the undertakers in respect of the LRT system or any part or parts thereof, and for the transfer to any person of the LRT system or any part or parts thereof together with the rights and obligations of the undertakers in relation thereto.

The exercise of the powers of any enactment by any person in pursuance of any sale, lease, charge or disposal under subsection (1) above, or any agreement under subsection (2) above shall be subject to the same restrictions, liabilities and obligations as would apply under this Act, or under any agreement or undertaking concerning the exercise of the powers of this Act, if those powers were exercised by the undertakers.

The railways board may enter into and carry into effect agreements with the undertakers under subsection (2) above.