Article 5 Subsidiaries

The Authority may form and promote a wholly-owned subsidiary for carrying on any activities which the Authority has power to carry on.

The Authority shall secure that any company formed in exercise of the powers conferred by paragraph (1) remains such a wholly-owned subsidiary.

The Authority may enter into arrangements with a company formed in exercise of the powers conferred by paragraph (1) for the transfer to that company from the Authority or from any other company so formed, in such manner and on such terms (including payments by any of the parties to the arrangements to any of them) as may be provided for by the arrangements, of any property, rights, liabilities or obligations of the Authority or of that other company, which are relevant to the carrying on of the activities to be carried on by the first-mentioned company.