Section 4 — Telecommunication Successor Company Order, 2001

(1)

As a consequence of the vesting in the telecommunication successor company by virtue of section 3 of the property, rights and liabilities comprised in the Government’s telecommunication undertaking (other than the designated telecommunication property), the telecommunication successor company shall issue such securities of the company as the

Minister may from time to time direct to any company wholly owned by the Government.

(2)

The Minister shall not give a direction under subsection (1) at a time when the telecommunication successor company has ceased to be wholly owned by the Government.

(3)

Securities required to be issued under this section will be issued or allotted at such time and on such terms as to allotment as the Minister may direct.

(4)

Shares issued in pursuance of this section –

(a)

shall be of such nominal value as the Minister may direct; and

(b)

shall be issued as fully paid and treated for the purposes of the

Companies Act (Chapter 39) as if they had been paid up by virtue of the payment to the telecommunication successor company of their nominal value in cash.

Transfer to telecommunication successor company of employees of the telecommunication undertaking.