(c) enter into arrangements with any person for faci1itatin~ traffic to, from or within the limits of the port.
(2) Nothing in subsection (1) is deemed to constitute a port authority a railway company within the meaning of the Canada Transportation Act.
26. Unless the letters patent provide otherwise, the directors of a port authority may, by resolution, make, amend or repeal by-laws that regulate the affairs of the port authority or the duties of its officers and employees.
27. (1) Subject to the letters patent, a port authority may borrow money on the credit of the port authority for port purposes.
(2) Unless the letters patent or by-laws of a port authority provide otherwise, the board of directors may, by resolution, delegate the powers referred to in subsection (1) to a committee of directors.
(3) A port authority may not mortgage, hypothecate, pledge or otherwise create a security interest in the property it manages or holds in any way other than to pledge its revenues.
(4) For the purposes of subsection (3), "security interest" means an interest in or charge on property of a port authority to secure the discharge of an obligation or liability of the port authority.
28. A port authority may invest any moneys in its reserves or any moneys that it does not immediately require in debentures, bonds, bankers' acceptances or other debt obligations of or guaranteed by Her Majesty in right of Canada or any province or municipality in Canada or any member of the Canadian Payments Association.
Annual Meeting
29. (1) The annual meeting of a port authority shall be open to the public and held in any of the municipalities where the port is situated, in premises large enough to accommodate the anticipated attendance.
(2) A port authority shall, at least thirty days before the annual meeting, have a notice published in a major newspaper published or distributed in the municipalities where the port is situated setting out the time and location of the meeting and specifying that the port authority's financial statements are available to the public at its registered office.
(3) At the annual meeting, the board of directors shall ensure
(a) that there are available a sufficient number of copies of the most recent audited annual financial statements of the port authority for the persons present at the meeting; and
(b) that the chief executive officer and the directors are available to answer questions about the operations of the port authority posed by the persons present at the meeting.
Financial Management
30. (1) A port authority shall make available for inspection by the public, at its registered office during normal business hours at least thirty days before the annual meeting, its audited annual financial statements for the preceding fiscal year.
(2) The financial statements shall be prepared in accordance with generally accepted accounting principles and consist of at least the following:
