62. Initial Government holding in successor companies
Feedback & supportAs a consequence of the vesting in the successor companies by virtue of section 61(1) of the property, rights and liabilities comprised in the Board’s undertaking, each successor company shall issue such securities of the company as the Minister for Finance may from time to time direct to any company wholly owned by the Government.
Board
“Board” means the Public Utilities Board established under the Public Utilities Act in force before 1st October 1995 and continued by section 3;
The Minister for Finance shall not give a direction under subsection (1) in relation to any successor company at a time when that company has ceased to be wholly owned by the Government.
successor company
“successor company” means a company nominated by the Minister under section 61(1);
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 companies issued in pursuance of this section —
shall be of such nominal value as the Minister for Finance may direct; and
shall 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 issuing successor company of their nominal value.
Section 69 of the Companies Act (which provides that where a company issues shares for which a premium is received by the company whether in cash or in the form of other valuable consideration a sum equal to the aggregate amount or value of the premiums on those shares shall be transferred to a share premium account) shall not apply in relation to the issue of shares by a successor company in pursuance of this section, notwithstanding that such shares may be regarded as having been issued by the company at a premium.