Section 35, The Proprietary Railways Ordinance

(1) No person owning a railway shall sell, mortgage,grant, convey, assign, underlet or part with the possession or control of such railway, or any part thereof, or any interest therein, without the approval of the Governor in Council, and when such approval shall have been granted a notification thereof, signed by the Clerk of Executive Council, shall be endorsed on the instrument purporting to effect the transaction which is so approved. (2) No notification of such approval shall be so endorsed until the instrument shall have been duly stamped in accordance with the provisions of the Stamp Duty Ordinance. (3) When such notification of approval shall have been endorsed on an instrument, all the provisions of this Ordinance relating to the person owning a railway, including the provisions of this section, shall, so far as applicable, apply to the person · acquiring an interest in such railway under the instrument, and all bye-laws made under section 25 hereof with reference to the railways shall continue in force until altered or revoked.