Ports Act 1991

8 Treatment of net proceeds of disposal of ownership

(1) Subject to subsection (2) below, an amount equal to the aggregate amount of the sums paid by the authority to the successor company under section 4(4) above shall be treated as accumulated realised profits of the successor company.

(2) The amount which under subsection (1) above falls to be treated as accumulated realised profits of the successor company shall be—

(a) increased by any amount by which the asset value on the transfer to the successor company under section 7 above exceeds the liability amount; or

(b) reduced by any amount by which the liability amount on that transfer exceeds the asset value;

as the case may require.

(3) In subsection (2) above—

• “the asset value” means the aggregate value of the assets transferred; and

• “the liability amount” means the aggregate amount of the liabilities transferred.

(4) For the purposes of this section the value of any asset and the amount of any liability transferred to the successor company under section 7 above shall be taken to be its value or amount determined in accordance with any provision made by the scheme under paragraph 9 of Schedule 1 below (transitional provision as to accounts, etc., of the successor company).