Section 10
of Telecommunication Successor Company Order, 2001
Section 10
(1)
If the Minister so directs at any time before the telecommunication successor company ceases to be wholly owned by the Government, such sum (not exceeding the accumulated realised profits of the Government in connection with its telecommunication undertaking) as may be specified in the direction shall be carried by the telecommunication successor company to a reserve (referred to in this section as the statutory reserve).
(2)
The statutory reserve may only be applied by the telecommunication successor company in paying up unissued shares of the company to be allotted to members of the company as fully-paid bonus shares.
(3)
For the purposes of any statutory accounts of the telecommunication successor company –
(a)
the vesting effected by virtue of section 3 shall be taken to have been a vesting of all the property, rights and liabilities comprised in the
Government’s telecommunication undertaking (other than the designated telecommunication property) to which the Government was entitled or subject on the succession date; and
(b)
the value of any asset and the amount of any liability of the Government taken to have been vested in the telecommunication successor company by virtue of paragraph (a) shall be taken to be the value or, as the case may be, the amount assigned to that asset or liability in the statement of accounts of the Government as at the succession date.
(4)
For the purposes of any statutory accounts of the telecommunication successor company, the amount to be included in respect of any item shall be determined as if anything done by the Government (whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision or reserve, or otherwise) had been done by the company.
Incorporating amendments until S 25/2006
(Cleancopy) NANI/H.Afif/Bb/fiqah/Bb/zura_as of 24.04 2019
9
BLUV as at 28th February 2006
(5)
References in this section to the statutory accounts of the telecommunication successor company are references to any accounts prepared by the company for the purposes of any provision of the Companies Act (Chapter 39).
Regulations.