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(1)Any relevant port authority shall have power to form a company whose objects include the acquisition of property, rights and liabilities and the assumption of functions of the authority by virtue of a transfer under section 2 below.
(2)Any company formed under subsection (1) above shall be a company limited by shares and registered under the [1985 c. 6.] Companies Act 1985.
(3)In this Part “relevant port authority” means any body which is a harbour authority, other than one within subsection (4) below.
(4)The bodies within this subsection are—
(a)any company having a share capital;
(b)a local authority;
(c)the British Waterways Board;
(d)Associated British Ports; and
(e)the Port of London Authority.
(5)In subsection (4)(b) above “local authority”—
(a)in relation to England and Wales, has the meaning given by section 270(1) of the [1972 c. 70.] Local Government Act 1972; and
(b)in relation to Scotland, has the meaning given by section 235(1) of the [1973 c. 65.] Local Government (Scotland) Act 1973.
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