(4) It shall not be necessary for the Registrar of Deeds to make any endorsement on title deeds or other
documents or in his registers in respect of any immovable property, right or obligation which passes to the
appropriate successor company under this paragraph section, but the Registrar of Deeds, when so requested in
writing by the successor company concerned in relation to any particular such property, right or obligation, shall
cause the name of the successor company to be substituted, free of charge, for that of the Corporation on the
appropriate title deed or other document or in the appropriate register.
(5) Any licence, permit or authority held by the Corporation under any enactment immediately before the
relevant transfer date shall continue in force on and after that date as if it had been issued or granted to the
appropriate successor company to which it was transferred, in terms of subsection (3), and may be amended,
renewed or terminated accordingly.
(6) Any cause of action or proceeding which existed or was pending by or against the Corporation
immediately before the relevant transfer date may be enforced or continued, as the case may be, on and after that
date by or against the appropriate successor company in the same way that it might have been enforced or
continued by or against the Corporation had this Act not been passed.
(7) Any guarantee or suretyship which was given or made by the Government or any other person in respect
of any debt or obligation of the Corporation and which was effective immediately before the transfer date of the
principal debt or obligation shall remain fully effective against the guarantor or surety on and after that date in
relation to the repayment of the debt or the performance of the obligation, as the case may be, by the appropriate
successor company to which the principal debt or obligation was transferred.
109 Issue of securities in consideration for transfer of assets
(1) In consideration for the transfer of the assets of the Corporation to the appropriate successor company by
virtue of section one hundred and eight, the successor company, if so required by the Minister, shall issue such
securities as the Minister may direct
(a) to the Minister or a person nominated by the Minister; or
(b) to any person entitled to require the issue of the securities following their initial allotment to a person
referred to in paragraph (a).
(2) Securities issued pursuant to a direction under subsection (1)
(a) shall be issued or allotted at such times and on such terms and conditions as the Minister may direct;
and
(b) shall be regarded as fully paid and treated for the purposes of the Companies Act [Chapter 24:03] as if
they had been paid up by virtue of the payment to the appropriate successor company of their nominal
value in cash.
(3) Any dividends or other moneys received by the Minister or by any other person on behalf of the State in
right of or on the disposal of any security or right acquired by virtue of this section shall be paid into the
Consolidated Revenue Fund.
(4) Stamp duty shall not be chargeable under the Stamp Duties Act [Chapter 23:09]
(a) in respect of any security issued in compliance with a direction under subsection (1); or
(b) where any convertible securities were issued in compliance with a direction under subsection (1), in
respect of the exercise of the conversion rights attached to any such security.
(5) The Minister shall not
(a) give a direction under subsection (1) at a time when the appropriate successor company has ceased to be
wholly owned by the State; or
(b) exercise any power conferred on him by this section, or dispose of any security issued or allotted to him
pursuant to this section, or dispose of any right in such a security, except after consultation with the
Minister responsible for finance.
110 Conversion of loans transferred to successor company
(1) In this section
“transferred loan” means any moneys lent to the Corporation by the State, the liability to repay which vests in
the appropriate successor company by virtue of subsection (2) of section one hundred and eight.
(2) The appropriate successor company, if directed to do so by the Minister, shall issue such securities as the
Minister may require
(a) to the Minister or a person nominated by the Minister; or
(b) to any person entitled to require the issue of the securities following their initial allotment to a person
referred to in paragraph (a);
up to an amount equal to the amount of any transferred loan.
(3) The issue of securities in terms of subsection (2) shall have the effect of extinguishing by novation the
transferred loan in respect of which the securities were issued, up to the nominal value of the securities.
(4) Subsections (2) to (5) of section one hundred and eight shall apply, mutatis mutandis, to the issue of
securities under this section and to the rights of holders of such securities.
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