(1)A local authority may make with any person whose use of a motor vehicle is covered by an authorisation under section 48 of this Act the like arrangements for the grant of travel concessions by that person as the authority have power to make under section 138(3) of the [1968 c. 73.] Transport Act 1968 (travel concessions) with a person who operates a public service vehicle undertaking.
(2)Subsections (4) and (5) of the said section 138 shall, so far as applicable, apply in relation to arrangements under this section as they apply in relation to arrangements under subsection (3) of that section; and in this section " local authority " and " travel concession " have the same meaning as in the said section 138.