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PORTS ASSETS (AUTHORISED TRANSACTIONS) ACT 2012 - SECT 12
Exercise of port SOC functions through subsidiaries
12 Exercise of port SOC functions through subsidiaries
(1) If ports assets are transferred to a subsidiary of a port SOC for the
purposes of an authorised transaction, the functions of the port SOC in
respect of those ports assets become either retained functions or
shared functions, as follows-- (a)
"retained functions" are all functions of the port SOC except those that are
shared functions,
(b)
"shared functions" are the functions of the port SOC under Part 5 (Port
charges) of the Ports and Maritime Administration Act 1995 but only in
respect of charges of a kind that can be fixed under that Part by the port
operator of a private port.
(2) In the case of retained functions-- (a) the
port SOC continues to have and may exercise retained functions as if the ports
assets had remained vested in the port SOC, and
(b) the subsidiary is
authorised to exercise retained functions on behalf of the port SOC (with the
exception of any function or class of functions that is reserved to the port
SOC by a direction of the port SOC to the subsidiary), and
(c) the subsidiary
is subject to the direction and control of the port SOC in the exercise of
retained functions on behalf of the port SOC, and
(d) any retained functions
exercised by the subsidiary under this section are deemed to have been
exercised by the port SOC.
(3) In the case of shared functions-- (a) both the
port SOC and the subsidiary have and may exercise shared functions, and
(b)
the subsidiary has and may exercise shared functions as if the subsidiary were
the port SOC, and
(c) Part 6 (Price monitoring scheme) of the Ports and
Maritime Administration Act 1995 applies to the subsidiary in respect of port
charges charged by the subsidiary in the exercise of shared functions as if it
were the port operator, and
(d) the subsidiary exercises shared functions on
its own account, and
(e) any charges collected by the subsidiary in the
exercise of shared functions are for its own use and benefit.
(4) The
regulations may prescribe additional functions of a port SOC as
shared functions for the purposes of this section.
(5) This section operates
only while the subsidiary in which ports assets are vested is a public sector
agency.
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