Harbours Act 2015
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Provisions with respect to sale, leasing and acquisition of land by transferred company | ||
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16. (1) (a) A decision by a transferred company to acquire any land or to dispose of any of its land (whether by sale or the grant of a lease) shall only be made by the directors of the transferred company. | ||
(b) Section 183 of the Local Government Act 2001 does not apply to any decision by the directors of a transferred company made under paragraph (a). | ||
(2) Subject to subsection (4)(a), the consideration for which any land is sold by a transferred company shall, in so far as is practicable, not be less than its open market value. | ||
(3) The rent to be reserved under a lease of land granted by the transferred company shall be of an amount not less than the open market rent obtainable for that land save that a rent of below such an amount may be reserved under such a lease if— | ||
(a) in case any business or trade is to be carried on at the land, the transferred company considers that, having regard to— | ||
(i) the amount of business or trade that is likely to be transacted at the land, or | ||
(ii) the effect the granting of the lease is otherwise likely to have on the amount of business or trade transacted in its harbour, | ||
it is appropriate to reserve a rent at below such an amount, or | ||
(b) in any other case, the local authority chief executive concerned consents to the reservation of a rent at below such an amount. | ||
(4) (a) In making any decision as to— | ||
(i) the acquisition of land or the consideration to be paid for such acquisition, or | ||
(ii) the disposal of any land or the consideration to be accepted, | ||
the directors of a transferred company shall have regard to any Government policy or guidelines in relation to the acquisition of land or the disposal of land, as appropriate, by State enterprises which is or are for the time being extant. | ||
(b) Without prejudice to paragraph (a), where a transferred company proposes to acquire land it shall cause a valuation of the land to be made by an appropriately qualified independent person. | ||
(c) In this subsection “State enterprise” means a company (within the meaning of the Companies Act 2014 ) one or more shares in the shareholding of which is held by a Minister of the Government, or a transferred company, and the principal objects of which (as stated in its memorandum of association) are prescribed in whole or part by statute. |