(1)A harbour is a reserved trust port if, on the principal appointed day (within the meaning given by section 71), it is a harbour, dock, pier or boatslip that is owned or managed by a harbour authority that—
(a)is a relevant port authority within the meaning of Part 1 of the Ports Act 1991 (see section 1(3) of that Act), and
(b)meets the annual turnover requirement.
(2)The annual turnover requirement is the turnover requirement set out in section 11 of the Ports Act 1991.
(3)Section 11 of that Act, in its application for the purposes of this section, has effect as if for subsection (1) there were substituted—
“(1)A relevant port authority meet the annual turnover requirement if the annual turnover of the authority’s port undertaking exceeded the turnover limit in the case of at least two of the last three accounting years of the authority for which accounts have been submitted under section 42(5) of the Harbours Act 1964.”