(1) A port authority must obtain the approval of the Minister before it acquires a subsidiary or enters into any transaction that will result in the acquisition of a subsidiary.

(2) The Minister is not to give approval under subsection (1) except with the Treasurer's concurrence.

(3) A port authority must ensure that the memorandum and articles of association of every subsidiary of the port authority that under a written law is required to have a memorandum and articles of association ¾

(a) contain provisions to the effect of those required by Schedule 4;

(b) are consistent with this Act; and

(c) are not amended in a way that is inconsistent with this Act.

(4) A port authority must, to the maximum extent practicable, ensure that every subsidiary of the port authority complies with its memorandum and articles of association and with this Act.

(5) The provisions of this Act prevail to the extent of any inconsistency with the articles of association of any subsidiary of a port authority.