(1) Subject to the approval of Cabinet, the Responsible Authority may enter into an agreement with any legal person for the purpose of this section, constituting that legal person the Parking Authority in respect of a regulated parking area.
(2) The agreement shall include provisions —
(a) identifying the public roads for which the legal person is responsible;
(b) assigning the legal person its duties which shall include the duties under section 129;
(c) conferring on the legal person its powers under section 130;
(d) requiring the legal person to —
(i) keep separate accounts for its revenue from parking fees, penalties for violation and revenue from other sources,
(ii) take appropriate measures in order to be able to pay compensation in the event of injury, loss or damage resulting from the performance of its duties,
(iii) pay the parking revenue, less the agreed management fee and related expenditures, to the Responsible Authority,
(iv) give to the Responsible Authority any information that the Responsible Authority may require regarding its operations under this Act,
(v) submit to the Responsible Authority an annual report of its operations under this Act,
(vi) submit audited accounts to the Responsible Authority for submission to Parliament;
(e) limiting the term of the agreement, and providing for renewal upon consent of both parties.