The assets described in a deed of agreement, dated 27 June 1988, between the Crown of the one part and the Westport Borough Council and Buller County Council of the other part, shall vest, on the 1st day of July 1988, in the Councils jointly but subject to all interests existing immediately before that date.

Any land vested in the Westport Borough Council and the Buller County Council jointly by subsection (1) of this section may be sold, exchanged, subdivided, leased, or otherwise disposed of in accordance with an Order in Council made pursuant to section 8a or section 165 of this Act or in accordance with sections 143 to 144 of this Act, which sections shall apply in all respects as if those Councils jointly were a Harbour Board.

The income derived from the use or disposal of any asset referred to in section 240a(1) of this Act may be applied only towards the operation or development of the port at Westport or for such other purposes as the Westport Borough Council and the Buller County Council or either of them are authorised by this Act or by virtue of any Order in Council made under this Act to apply that income, and for no other purposes unless the Minister of Transport in any specific case otherwise permits.

District Land Registrars are hereby authorised and directed to make such entries in their respective registers, and to do all such other things, as may be necessary to give full effect to the provisions of section 240a(1)of this Act.

The registrar of any property which is transferable only in books kept by a company or other body or in a manner directed by or under any Act shall on written application under the seals of the Westport Borough Council and the Buller County Council register them as the holders of any such property that is vested in them by section 240a(1)of this Act.”