Currently Being ModeratedNov 30, 2012 5:12 PM (in response to Mouli2000)
Apple have specific instructions about moving the library.. http://support.apple.com/kb/PH2506
So this thread might be useful.
But it is much better to use an external drive plugged in by some local means.. usb, fw800 etc. than using network since the TC is designed as backup target for Time Machine but cannot actually back itself up. Nor can TM backup a network drive .. that means your photo library will exist on only one drive with no backup.