Ports Act 1991

19 Financial assistance for proposals to maximise employee participation in equity of successor companies. E+W+S

(1) The power under subsection (2) below—

(a) is exercisable by a body which is a relevant port authority in any case where that body proposes to form or has formed a company in pursuance of section 1 above; and

(b) is exercisable by a body which was such an authority immediately before the transfer under section 2 above to a company formed by that body of its property, rights, liabilities and functions;

and references below in this section, in relation to any such body, to the relevant company are references to the company it proposes to form or has formed (as the case may require).

(2) The body concerned may on such terms as it thinks fit agree with any persons who at the time of the agreement qualify for assistance from it under this section—

(a) to indemnify those persons in respect of the whole or any part of any expenditure to which subsection (4) below applies; or

(b) to discharge on their behalf the whole or any part of any liability to which that subsection applies.

(3) For the purposes of subsection (2) above persons qualify for assistance under this section from any body if—

(a) each of them satisfies the employment condition as regards assistance from that body;

(b) they have formulated a proposal for maximising participation by employees of the relevant company in ownership of its equity share capital; and

(c) they appear to the body concerned to have a reasonable prospect of securing that the objective of the proposal is achieved.

(4) This subsection applies to any expenditure or liability of the persons concerned incurred wholly and exclusively for the purposes of the proposal mentioned in subsection (3)(b) above.

(5) Where in accordance with subsection (3) above different persons would qualify for assistance under this section from any body in respect of different proposals, only such of them as appear to the body concerned to have the best prospect of securing that the objective mentioned in paragraph (b) of that subsection is achieved shall be regarded as qualifying for such assistance.

(6) A person satisfies the employment condition as regards assistance under this section from any body—

(a) so long as it is a relevant port authority, if he is employed by it; and

(b) after it has ceased to be such an authority, if he is employed by the relevant company.