Article 4 Power to acquire and dispose of businesses or shares

(1)

The Authority may—

(a)

acquire by agreement—

(i)

any business or undertaking which consists wholly or mainly of the carrying out of harbour operations or so much of any business or undertaking as consists of the carrying out of such operations; or

(ii)

any business or undertaking which is wholly or mainly engaged in or which it is proposed should become wholly or mainly engaged in providing services or facilities which the Authority themselves are authorised to provide;

(b)

subscribe for or acquire any shares, stock, debentures, debenture stock or any other security of a like nature of a body corporate which is wholly or mainly engaged, or which it is proposed should become wholly or mainly engaged in the provision, maintenance or operation of a harbour or in providing services or facilities which the Authority themselves are authorised to provide;

(c)

form and promote, or join with any other person in forming and promoting, a company for carrying on any function of the Authority;

(d)

dispose of or discontinue the whole or any part of their undertaking acquired under this article and held for the purposes of the port but subject to all liabilities and obligations in respect thereof to which the Authority are subject; and

(e)

dispose of any shares or other securities subscribed for or acquired under this article.

(2)

Nothing in this article shall authorise a company formed under subparagraph (c) of paragraph (1) above to exercise any of the powers of the Authority under—

(a)

the Harbours Docks and Piers Clauses Act 1847^f1;

(b)

the Harbours Act 1964; and

(c)

section 72 (Additional byelaws) of the Shoreham Harbour Act 1926.

Annotations

Footnotes

f1: 1847 c. 27.