(3)
360
date of transfer of the assets and employees of the incumbent national
operator to the new company.
All bonds, deeds, contracts, documents and working arrangements that
subsisted immediately before the transfer date and to which the incumbent
national operator was a patty shall on and after that date be fully effective
and enforceable against or in favour of the public company.
Terms and conditions of transfer
5.
All employees in the service of the incumbent national operator shall be
entitled to be transferred to the new company without losing their period
of service and on terms and conditions not less favourable than those
enjoyed by them prior to theft transfer and any service with the incumbent
national operator shall be deemed to be service with the new company.
Rights and privileges
6.
The new company shall have the rights and privileges as were granted to the
predecessor company subject to the provisions of this Act.
Privatisation of new company
7.
The new company shall be privatised in accordance with the Privatisation Act of
1995 (Act No. 9 of 1995).
Resignation and election of directors
8
(1)
The Minister shall, immediately prior to privatisation, procure the
resignation of all the directors of the new company, who shall continue to
hold office until theft successors are elected.