Section 4
Initial Government holding in the successor company
of National Land Rehabilitation and Consolidation Authority (Succession and Dissolution) Act 1997
As a consequence of the vesting in the successor company of the property, rights and liabilities under section 3, the successor company shall issue such securities of the company as the Minister of Finance may from time to time direct—
(a)
to the Corporation; or
(b)
to any person entitled to the issue of the securities following their initial allotment to the Corporation.
(2)
Securities required to be issued in pursuance of this section shall—
(a)
be issued or allotted at such times and on such terms as
National Land Rehabilitation and 9
Consolidation Authority (Succession and
Dissolution)
the Minister of Finance may direct;
(b)
be of such nominal value as the Minister of Finance may direct; and
(c)
be issued as fully paid and treated for the purposes of the
Companies Act 1965 as if they had been paid up by virtue of the payment to the successor company of their nominal value.
(3)
The Minister of Finance may dispose of any securities issued or of any rights to securities initially allotted to the
Corporation in pursuance of this section.
(4)
Any dividends or other sums received by the Corporation in right of, on the disposal of or otherwise in connection with, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.