75 (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. 111 Transfer of employees to successor company and Authority and conditions of service of transferred employees (1) In this section⎯ “excepted employee” means an employee of the Corporation referred to in subsection (3). (2) With effect from the transfer date every person, other than an excepted employee, employed by the Corporation immediately before that date shall be transferred to the service of the appropriate successor company on terms not less favourable than those enjoyed by him immediately prior to his transfer. (3) The Minister shall, as soon as practicable after the fixed date but not later than the transfer date, determine who among the employees of the Corporation employed in the department known as the “frequency management unit” are necessary for the performance of the functions of the Authority under this Act, and direct the Corporation or appropriate successor company, as the case may be, to notify each such employee in writing accordingly. (4) Until such time as conditions of service are drawn up by the appropriate successor company and the Authority, as the case may be⎯ (a) the terms and conditions of service applicable to employees of the Corporation shall continue to apply to every person transferred to the appropriate successor company as if every such person were still in the service of the Corporation; and (b) every excepted employee shall, with effect from the transfer date, be transferred on terms not less favourable than those enjoyed by him immediately prior to his transfer. 112 Minister may give directions to Corporation (1) Notwithstanding anything to the contrary in the Posts and Telecommunications Corporation Act [Chapter 12:03], the Minister may give the Board of the Corporation directions in writing in order to ensure the proper transfer of the assets and liabilities of the Corporation to the appropriate successor company, and the Board shall without delay comply with every such direction. (2) Without derogation from subsection (1), directions given under that subsection may provide for⎯ (a) the cessation of all or any of the functions of the Corporation and any person; (b) the termination of any contract entered into between the Corporation and any person: Provided that no such direction shall authorise the Corporation to commit an unlawful breach of any such contract;