Modifications etc. (not altering text)
C1Pt. I: functions transferred (3.12.2001) by S.I. 2001/3503, arts. 2, 3
C2Pt. 1: transfer of functions in part (1.4.2018) by Wales Act 2017 (c. 4), ss. 29(2)(g), 71(4) (with Sch. 7 paras. 1, 6, 9); S.I. 2017/1179, reg. 3(g) (with transitional provisions and savings in S.I. 2018/278, reg. 2, Sch.)
(1)This section applies where a scheme is made under this Part in relation to a relevant port authority which—
(a)specifies a company formed in pursuance of section 1 above which is a wholly-owned subsidiary of the authority to be the authority’s successor company for the purposes of this Part; and
(b)makes the necessary supplementary provision for the purposes of the transfer provided for under this section.
(2)Subject to subsection (3) below, on the date on which the scheme takes effect—
(a)all property, rights and liabilities of the authority; and
(b)all functions conferred or imposed on the authority by any local statutory provision;
are transferred to and by virtue of this section become property, rights and liabilities or (as the case may be) functions of the successor company.
(3)The transfer under subsection (2)(a) above does not apply—
(a)to the securities of the successor company held by the authority;
(b)to any rights or liabilities of the authority in respect of such securities held by a nominee of the authority; or
(c)to any liability of the authority incurred by virtue of section 19 below in connection with any proposal for maximising participation by employees of the successor company in ownership of its equity share capital.
(4)In this Part, in relation to any transfer under this section of property, rights, liabilities and functions of a relevant port authority—
(a)references to the scheme are references to the scheme made for the purposes of the transfer;
(b)references to the successor company are references to the company specified in the scheme as that authority’s successor company; and
(c)references to the authority are references to the body whose property, rights, liabilities and functions are the subject of the transfer.
(5)Part I of Schedule 1 to this Act (supplementary provisions of general application) has effect in relation to a transfer under this section.
(6)In relation to any such transfer, the reference in subsection (1)(b) above to the necessary supplementary provision for the purposes of the transfer is a reference to provision of any one or more of the descriptions mentioned in Part II of that Schedule (supplementary provisions which may be included in schemes).
Modifications etc. (not altering text)
C3S. 2(2) restricted (24.11.1995) by S. I. 1995/3023, art. 2(2), Sch. para. 8
S. 2 (2) restricted (25.3.1997) by S. I. 1997/948, art.2(2), Sch. para.10