When a bridge, road, bridleway or footpath or portion thereof will be altered or stopped up or interfered with under this Act, the Corporation may enter into and carry into effect agreements with the highway authority in reference to the construction or contribution towards the costs of such alteration or of any new bridge, road, bridleway or footpath to be made under this Act and in reference to any other matters relating thereto.

The Corporation may by agreement delegate to the highway authority the power of constructing and maintaining all or any of such alterations or new bridge, road, bridleway or footpath in which they may be interested including the structure of any bridge over or under any waterway.

The purposes of this section shall be deemed to be purposes for which a highway authority may incur expenditure and borrow money.