(1) With the approval of the Governor, a water supply authority may enter into commercial operations with respect to--(a) any services developed in connection with the exercise of its functions, or(b) any products or by-products (including intellectual property) resulting from the exercise of its functions, or(c) such other matters as may be prescribed by the regulations.
(2) With the approval of the Governor, a water supply authority may form, or join in forming, a company, partnership or trust for the purpose of exercising its functions under this Part.