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SCHEDULE II
Restructuring of the incumbent National (section 62)
Operator
Arrangement of paragraphs
1.
Incorporation of new company
2.
Share allotment
3.
Classes of shares
4.
Transfer of assets and employees
5.
Terms and conditions of transfer
6.
Rights and privileges
7.
Privatisation of the new company
8
Resignation and election of directors
SCHEDULE II
Restructuring of the incumbent National Operator
(section 62)
Incorporation of new company
1.
The Minister shall, within a period of not more than 2 years from the
coming into operation of this Act, cause to be incorporated a new public
company limited by shares under’ the Companies Act 1967.
Share allotment
2.
In allotting shares, the directors of the new company shall reserve shares
for local, national and international telecommunication and related services
providers.
Classes of shares
3.
The articles of association of the new company referred to in paragraph
1 may establish different classes of shares that have different voting rights
relating to the respective functions and responsibilities of each class or
the management and governance of the new company.
Transfer of assets and employees
4.
(1)
The Minister shall determine which assets and liabilities currently owned
or controlled by the incumbent national operator, as well as which
employees, shall be sold and transferred respectively to the new company.
(2)
The Minister shall, by notice published in the Gazette, determine the