Where any functions and powers of a Harbour Board have been transferred to more than one regional council or territorial authority pursuant to an Order in Council made under section 36 of the Local Government Act 1974, the regional councils and territorial authorities shall determine by agreement between them which of them is to have the functions and powers of the Harbour Board under this Act.

Where any duties of a Harbour Board have been transferred to more than one regional council or territorial authority pursuant to an Order in Council made under section 36 of the Local Government Act 1974, then, except as provided in subsection (3) of this section, every duty of a Harbour Board under this Act shall be the duty of each of the regional councils and territorial authorities; but the regional councils and territorial authorities may determine by agreement between them which of them is to perform the duty.

Where any property, rights, or liabilities of a Harbour Board are vested in a regional council or territorial authority (or any combination of them) pursuant to any Order in Council made under section 36 of the Local Government Act 1974, every duty of the Harbour Board under this Act in respect of that property, right, or liability shall be the duty of the regional council or territorial authority (or combination of them) concerned.

Where regional councils and territorial authorities are unable to reach any agreement pursuant to subsection (1) or subsection (2) of this section, any of them may refer the matter to the Local Government Commission for determination.”

Harbour Boards, regional councils, and territorial authorities are hereby authorised to subscribe for, otherwise acquire, hold, or dispose of, equity securities in port companies.

Nothing in subsection (1) of this section limits or prevents any other person from subscribing for, otherwise acquiring, holding, or disposing of, equity securities in port companies.”

Every port company that has in its memorandum of association or articles of association any provision providing for the class of shares referred to in subsection (1) of section 7 of this Act (as repealed by section 4 of the Port Companies Amendment Act 1990), or any provisions permitted by subsection (2) of that section (as so repealed), shall ensure that those provisions and all related provisions are removed from the memorandum of association or articles of association and submit alterations to that effect to the Minister before the 1st day of December 1990 for approval before their adoption.

Where a port company does not comply with subsection (1) of this section, the Minister may, in accordance with this section, make such alterations to the memorandum of association and articles of association of the port company as the Minister considers appropriate in order to achieve the purpose of subsection (1) of this section.

The Minister shall give notice of all alterations to the port company and to every holder of equity securities in the company at the address of that person as shown in the share register of the company or otherwise known to the Minister.

The Minister shall specify a date, which shall be not earlier than 14 days after the sending of the last of the notices referred to in subsection (3) of this section, on which those alterations shall take effect.

Every alteration shall have effect as if it was an alteration to the memorandum of association or articles of association made in accordance with the Companies Act 1955 and, for the purposes of that Act, the notice of the alteration given to the port company by the Minister under subsection (3) of this section shall be deemed to be a special resolution of the port company concerned made on the date on which the last of the notices was sent under that subsection.

The Minister may decline to act under subsection (2) of this section if the Minister is satisfied that the memorandum of association or articles of association of the port company are likely to be altered within a reasonable time so as to achieve the purpose of subsection (1) of this section.”

In any case where the Minister is satisfied that, on and from a specified date, at least 50 percent of the equity securities of the port company that confer rights to vote at a general meeting of the company will be held or beneficially owned by persons other than Harbour Boards, regional councils, territorial authorities, or local authority trading enterprises, or a combination of them, the Minister may, by notice in the Gazette, direct that—

In any case where not more than 49 percent of the equity securities of a port company that confer rights to vote at a general meeting of the port company are held or beneficially owned by persons other than Harbour Boards, regional councils, territorial authorities, or local authority trading enterprises, or a combination of them, the Minister may, by notice in the Gazette,—

Any direction under this section may be revoked at any time by the Minister, by notice in the Gazette, if the Minister is satisfied that the circumstances that led to the giving of the direction no longer exist.”

Subject to subsection (2) of this section, sections 4 (except subsections (1), (3), (6), and (7)), 5, 6, 7, 15, and 18 of this Act shall apply to every company that is—

as if that company were a port company within the meaning of this Act.

Nothing in subsection (1) of this section applies in relation to a company that the Minister notifies in writing is exempt from the provisions of that subsection.

The Minister shall not exempt a company from the application of subsection (1) of this section unless the Minister is satisfied that the company does not carry on activities that if carried on by a Harbour Board would constitute a port-related commercial undertaking or would otherwise be likely to be carried on by a port company.”