74 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