The Company and a highway authority may enter into, and carry into effect, agreements—
(a) for the transfer to, and vesting in, the highway authority or in two highway authorities jointly, on such terms as may be agreed, of any bridge owned by the Company which crosses the canal or any highway carried by the bridge or any approaches to the bridge for the maintenance of which the Company are responsible, together with all or any of the rights and obligations of the Company in relation to the bridge or to such highway or approaches, notwithstanding that the bridge was constructed under statutory powers;
(b) for the transfer to the highway authority or to two highway authorities jointly, on such terms as may be agreed, of the responsibility for the reconstruction, improvement, maintenance or operation of such a bridge or for the improvement or maintenance of any highway carried by the bridge or of any approaches to it on such terms as may be agreed.