(1)The Authority may take any action that it thinks necessary or expedient for the purpose of—
(a)preparing for the London Olympics,
(b)making arrangements in preparation for or in connection with the use or management before, during or after the London Olympics of premises and other facilities acquired, constructed or adapted in preparation for the London Olympics, or
(c)ensuring that adequate arrangements are made for the provision, management and control of facilities for transport in connection with the London Olympics.
(2)In particular, the Authority may—
(a)acquire land (and the Authority may, in particular, with the consent of the Secretary of State, acquire land for a consideration equivalent to the amounts which the Authority would be required to pay if acquiring the land compulsorily under an enactment);
(b)dispose of land (and the Authority may, in particular, with the consent of the Secretary of State, dispose of land for a consideration less than that which might be expected in a commercial transaction at arms-length);
(c)enter into other transactions relating to land, premises or facilities;
(d)accept or assume duties, rights or liabilities under contracts;
(e)apply for, or undertake work in connection with applications for, planning permission;
(f)make arrangements for the construction of premises and other facilities;
(g)make arrangements for carrying out works in connection with the provision of water, electricity, gas, sewerage or other services;
(h)make arrangements for carrying out works in connection with the provision of highways;
(i)make arrangements for the construction, adaptation or provision of systems of or facilities for transport;
(j)make arrangements for the provision, variation or discontinuance of any service, highway or system of or facility for transport;
(k)with the consent of the Secretary of State, give financial assistance in connection with anything done or to be done by another person for a purpose mentioned in subsection (1);
(l)co-operate with other persons;
(m)make arrangements for the formation of bodies corporate;
(n)acquire interests in bodies corporate or other undertakings.
(3)In exercising a function under this section the Authority shall, wherever relevant—
(a)have regard to the desirability of maximising the benefits to be derived after the London Olympics from things done in preparation for them, and
(b)contribute to achieving sustainable development.
(4)Other provisions of this Act confer other functions on the Authority.
(5)The Authority shall pay compensation to any person whose land is injuriously affected by the execution of works by the Authority; and—
(a)any dispute as to whether compensation is payable, or as to the amount of compensation, may be referred to the Lands Tribunal,
(b)subsection (2) of section 10 of the Compulsory Purchase Act 1965 (c. 56) (limitation on compensation) shall apply to this subsection as it applies to that section, and
(c)any rule or principle applied to the construction of section 10 of that Act shall be applied to the construction of this section (subject to any necessary modifications).
(6)In the application of subsection (5) in respect of land in Scotland—
(a)the reference in paragraph (a) to the Lands Tribunal is to be read as if it were a reference to the Lands Tribunal for Scotland, and
(b)paragraphs (b) and (c) are omitted.