(1)Where any property transferred by the scheme under section 22 above consists of or comprises any work requiring a works licence, a works licence to maintain and retain the work shall be regarded as having been granted by the Port Authority to the company on the date on which the transfer takes effect.
(2)Such a licence shall be regarded as having been granted—
(a)for a consideration to be agreed or assessed in accordance with section 67 of the M1Port of London Act 1968 (taking the reference in subsection (1) of that section to the applicant as a reference to the company); and
(b)on such other terms (including conditions as to variation and revocation of the licence and reassessment of the consideration from time to time) as may be specified in the scheme in relation to the work in question or any class or description of works to which it belongs.
(3)In this section “work” and “works licence” have the meanings given by section 2(1) of the M2Port of London Act 1968; and a work is one requiring a works licence if a person other than the Port Authority is prohibited by section 70 of that Act from maintaining or retaining it without such a licence.