(1) The following property is vested in a port authority for the purposes of this Act ¾

(a) all Crown land in the port, including the seabed and shores;

(b) all navigational aids in the port, or used in connection with navigation into or out of the port, that belong to the State;

(c) all fixtures on land in the port that belong to the State.

(2) The property of a port authority also includes the following ¾

(a) any improvements effected on vested land leased to another person that have been acquired on the termination of the lease concerned;

(b) any real or personal property (other than property referred to in paragraph (a)) acquired by the port authority or vested in the port authority by the Governor for the purposes of this Act.