2(1)It shall be the duty of the Port Authority and the company, whether before or after the transfer date, so far as practicable to arrive at such written agreements and to execute such other instruments as are necessary or expedient to identify or define the property, rights and liabilities transferred to the company or retained by the Port Authority or for making any such arrangements as are mentioned in paragraph 1(4) above and as will—E+W+S
(a)afford to the Port Authority and the company as against one another such rights and safeguards as they may require for the proper discharge of their respective functions; and
(b)make as from such date, not being earlier than the transfer date, as may be specified in that agreement or instrument such clarifications and modifications of the division of the Port Authority’s undertaking as will best serve the proper discharge of the respective functions of the Port Authority and the company.
(2)Any such agreement shall provide so far as it is expedient—
(a)for the granting of leases and for the creation of other liabilities and rights over land whether amounting in law to interests in land or not, and whether involving the surrender of any existing interest or the creation of a new interest or not;
(b)for the granting of indemnities in connection with the severance of leases and other matters;
(c)for responsibility for registration of any matter in any description of statutory register.