Part IIIHarbours

37Power of harbour authorities to acquire a harbour business or shares in a harbour business

(1)Subject to the provisions of this section, a harbour authority, not being one of the Boards, may acquire by agreement any business or undertaking which consists wholly or mainly of the carrying out of harbour operations or of the provision, maintenance or operation of any such depot as is mentioned in the last foregoing section, or so much of any business or undertaking as consists of the carrying out of such operations or of the provision, maintenance or operation of any such depot.

(2)Subject as aforesaid, a harbour authority, not being one of the Boards, may subscribe for or acquire any securities of a body corporate which is wholly or mainly engaged or which it is proposed should become wholly or mainly engaged in carrying out harbour operations or in providing, maintaining or operating any such depot.

(3)A harbour authority shall not by virtue of this section acquire a business or undertaking which consists of or includes the provision, maintenance or operation of any such depot, or subscribe for or acquire any securities of a body corporate which is engaged or which it is proposed should become engaged in providing, maintaining or operating any such depot, without the consent of the Minister.

(4)In this section "securities ", in relation to a body corporate, means any shares, stock, debentures, debenture stock, and any other security of a like nature, of the body corporate.