Explanatory note

Section 42 of the Harbours Act 1964, as amended by paragraph 10 of Schedule 6 to the Transport Act 1981 (“section 42”), specifies requirements as to accounts and reports relating to the activities of statutory harbour undertakings (as defined in the section). Paragraph 10 of Schedule 6 is brought into operation on 2nd August 1983 by the Transport Act 1981 (Commencement No. 10) Order 1983 (S.I. 1983/930 (c. 25)). By virtue of subsection (6), as amended by paragraph 63 of Schedule 3 to the Companies Act 1981, the provisions of the Companies Acts 1948 to 1981 as to the form and content of accounts and reports required to be prepared under those Acts are to apply to accounts and reports under section 42 as specified in that subsection but subject to any provision made by Regulations made by the Secretary of State under that section. These Regulations—

(a) in Regulation 2, specify that the provisions of the Companies Acts 1948 to 1981 as to the form and content of accounts and reports referred to in subsection (6) of section 42 shall not apply in the case of a person who carries on a statutory harbour undertaking the annual turnover of which is less than £250,000, in the circumstances specified in Regulation 2;

(b) in Regulation 3, specify that the provisions of the Companies Acts 1948 to 1981 as applied by subsection (6) of section 42 are to have effect as if section 5 to 10 of the Companies Act 1981 (which provide accounting exemptions for certain companies), were omitted;

(c) in Regulation 4, define “associated activities” for the purposes of section 42;

(d) in Regulation 5, require an annual statement of accounts prepared under section 42(1) or (2) relating to associated activities, also to include a statement of gross revenue, and

(e) in Regulation 6, exempt statutory harbour undertakers from the requirements of section 42, in respect of any undertaking which is used wholly or mainly by ships bringing or receiving goods which have been manufactured or produced by the undertaker or are to be used by him for the manufacture or production of goods or electricity.