(1) Despite anything in the Financial Administration and Audit Act 1985 that Act, other than the provisions referred to in subsection (2) and Schedule 5, clauses 37(2) and 44(4), does not apply to a port authority or any person performing functions under this Act.

(2) The Minister and the board of a port authority must comply with section 58C of the Financial Administration and Audit Act 1985 as if ¾

(a) the port authority were a statutory authority; and

(b) the board were its accountable authority,

within the meaning of that Act.