5. Initial Government holding in successor company
Feedback & supportLast amended by an amending law of 2005.
As a consequence of the vesting in the successor company by virtue of Part III of the undertaking and employees of the Corporation, the successor company shall issue such securities in the successor company as the Minister for Finance may from time to time direct to any company wholly owned or substantially owned by the Government.
successor company
“successor company” means the company nominated by the Minister under section 4;
The Minister for Finance shall only give a direction under subsection (1) in relation to the successor company at a time when that company is a company wholly owned or substantially owned by the Government.
Securities required to be issued in pursuance of this section shall be issued or allotted at such time and on such terms as to allotment as the Minister for Finance may direct.
securities
“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;
Shares in the successor company issued in pursuance of this section shall —
be of such value as the Minister for Finance may direct; and
be issued as fully paid and treated for the purposes of the Companies Act (Cap. 50) as if they had been paid up by virtue of the payment to the successor company of their value.