Telecommunication Successor Company Order, 2001 · As enacted
4. Initial Government holding in the telecommunication successor company
Official textFrom Attorney General's Chambers, unchanged
Ill As a consequence of the vesting in the telecommunication successor company by virtue of section 3 of the property, rights and liabilities comprised in the Government's telecommunication undertaking (other than the designated telecommunication property), the telecommunication successor company shall issue such securities of the company as the Minister may from time to time direct to any company wholly owned by the Government.
telecommunication successor company
"telecommunication successor company" means the company nominated by the Minister pursuant to paragraph (a) of subsection (1} of section 3;
The Minister shall not give a direction under subsection (1) at a time when the telecommunication successor company has ceased to be wholly owned by the Government.
Securities required to be issued under this section will be issued or allotted at such time and on such terms as to allotment as the Minister may direct.
Shares issued in pursuance of this section -
shall be of such nominal value as the Minister may direct; and
shall be issued as fully paid and treated for the purposes of the
Companies Act (Chapter 39) as if they had been paid up by virtue of the payment to the telecommunication successor company of their nominal value in cash.
Terms defined in s 2
designated telecommunication property
Defined · s 2"designated telecommunication property" means property of any description, whether movable or immovable, which the Minister may designate as necessary to be retained by the Authority (or the Authority's nominee) for the exercise of its duties and functions relating to telecommunications under the Authority for Info-communications Technology Industry of Brunei Darussalam Order, 2001 and under the Telecommunications Order, 2001;
liabilities
Defined · s 2"liabilities" means all liabilities, duties and obligations, whether actual, contingent or prospective, and wherever arising;
property
Defined · s 2"property" means any legal or equitable estate or interest (whether present or future or whether vested or contingent} in any property whether movable or immovable;
rights
Defined · s 2"rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective, whether statutory or otherwise, and wherever arising;
telecommunication successor company
Defined · s 2"telecommunication successor company" means the company nominated by the Minister pursuant to paragraph (a) of subsection (1} of section 3;
telecommunication undertaking
Defined · s 2"telecommunication undertaking" means all property, whether moveable or immovable, vested in the Government which is necessary for the provision, maintenance, management and operation of telecommunication services in Brunei Darussalam, and all assets, powers, rights, interests, privileges, debts, liabilities and obligations connected therewith;