3.—(1) Any relevant port authority may form a company whose objects include the acquisition of property, rights and liabilities and the assumption of functions of the authority by virtue of a transfer under Article 4.
(2) Any company formed under paragraph (1) shall be a company limited by shares and registered under the Companies (Northern Ireland) Order 1986(1).
(3) In this Order “relevant port authority” means any body which is a harbour authority, other than a company having a share capital or a district council.