  The study of the two shell system started in our first paper ``Pair of null
gravitating shells I'' (gr-qc/0112060) is continued. An action functional for a
single shell due to Louko, Whiting and Friedman is generalized to give
appropriate equations of motion for two and, in fact, any number of spherically
symmetric null shells, including the cases when the shells intersect. In order
to find the symplectic structure for the space of solutions described in paper
I, the pull back to the constraint surface of the Liouville form determined by
the action is transformed into new variables. They consist of Dirac
observables, embeddings and embedding momenta (the so-called Kucha\v{r}
decomposition). The calculation includes the integration of a set of coupled
partial differential equations. A general method of solving the equations is
worked out.
