The Secretary of State may, with the consent of a company to which this subsection applies, by order make provision for the company to be treated as a protected railway company for the purposes of Part 1 of the Railways Act 1993 (c. 43).
Subsection (1) applies to a company if—
it is a private sector operator and it has, for the time being, the management of a railway facility that is or is part of, or is associated with, the railway mentioned in section 1(1)(a), or
it is a private sector operator and it owns, or has rights in relation to, such a railway facility.
The power to make an order under subsection (1) shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
In this section "private sector operator" and "railway facility" have the same meanings as in Part 1 of the Railways Act 1993.