124.—(1) The Ports Act 1991 is amended as follows.
(2) In section 1(2) (power of port authorities to form companies for purposes of transfer of certain statutory port undertakings), for “the Companies Act 1985” substitute “ the Companies Act 2006 ”.
(3) In section 3(4)(b) (initial issue of securities in successor company: securities to be treated as fully paid up), for “the Companies Act 1985” substitute “ the Companies Act 2006 ”.
(4) In section 9(2) and (6)(b) (schemes made by relevant port authority), for “memorandum and articles” substitute “ articles ”.
(5) In section 12(7)(b) (schemes made by the Secretary of State), for “memorandum and articles” substitute “ articles ”.
(6) In section 21(2) (power of Port of London Authority to form company for certain purposes), for “registered under the Companies Act 1985” substitute “ registered under the Companies Act 2006 ”.
(7) In section 22(3) and (6) (transfer to company of relevant property, etc, of the Port Authority), for “memorandum and articles” substitute “ articles ”.
(8) In section 40(1) (general interpretation)—
(a)in the definition of “equity share capital” for “section 744 of the Companies Act 1985” substitute “ section 548 of the Companies Act 2006 ”;
(b)in the definition of “subsidiary” and “wholly-owned subsidiary” for “section 736 of the Companies Act 1985” substitute “ section 1159 of the Companies Act 2006 ”.