(2) Nothing in section 9 or subsection (1) shall
apply to any mortgage, charge, assignment or other
arrangement entered into
(a)
$
by the Road Company, which secures any debt or
obligation of that Company, upon the right to
receive the tolls under Part IX; or
(b)
by the Rail Company, which secures any debt or
obligation of that Company, upon the right to
receive any payments under the operating
agreement.
(3) Where the enforcement of any mortgage or charge to
which subsection (1) applies has the effect of transferring
the franchise granted by section 4(1) or 5(1) from a person
who was the Road Company or, as the case may be, the Rail
Company, immediately prior to the transfer to any other
person who thereby becomes the Road Company or, as the case
may be, the Rail Company, the Secretary shall give notice
thereof in the Gazette.