(1)Subject to subsection (5) below, the Corporation may enter into and carry into effect agreements with respect to the construction, maintenance, use, management and operation by any other person of all or part of the works, lands, facilities, functions and activities comprising the undertaking of the Corporation, including the impounded river as authorised by or established under, or in connection with, this Act, and any other matters incidental or subsidiary thereto or consequential thereon, including the defraying of, or the making of contributions towards, the cost thereof by the Corporation or by any other person.
(2)Any agreement under subsection (1) above may provide (inter alia) for the exercise of the powers of the Corporation in respect of the said undertaking or any part or parts thereof.
(3)The Corporation may at any time lease any part of the said undertaking on such terms and conditions as may be agreed.
(4)The exercise of the powers of any enactment by any person in pursuance of any agreement under subsection (1) above or any lease under subsection (3) above shall be subject to the same restrictions, liabilities and obligations as would apply under this Act if those powers were exercised by the Corporation.
(5)(a)The Corporation shall not enter into any agreement under this section as regards Part IV of this Act without the consent of the rivers authority and as regards Part V of this Act without the consent of the City Council, in either case consent not to be unreasonably withheld.
(b)Any difference as to the withholding of such consent (other than a difference as to meaning or construction) shall be referred to and settled by arbitration.