Transfer of functions, property etc.
4.—(1) On the day of transfer all property vested in Sealink comprising, or held by it for the purposes of, the transferred harbour and all rights and liabilities incurred by it for the purposes of the transferred harbour shall be transferred to and vested in the Company.
(2) On the day of transfer the powers and duties conferred or imposed on Sealink by any statutory provision of local application applied in relation to it by the Scheme dated 27th October 1981 made by Sealink U.K. Limited pursuant to section 2 of the Transport Act 1981 and approved by the Secretary of State with modifications on 5th July 1982 read with Schedule 4 to the Transport Act 1968(1) as applied by the said section 2 (subject to any subsequent repeal or amendment of any such statutory provision), or by any enactment subsequent to that Scheme (including Part V of the British Railways Act 1984(2)), for the purpose of, or in connection with, the improvement, maintenance or management of the transferred harbour shall be transferred to the Company and accordingly as from that day any such statutory provision of local application shall, so far as it relates to the transferred harbour and with any necessary modifications, apply in relation to the Company as if for references to Sealink there were substituted (unless the context otherwise requires) references to the Company.