72 not exceeding level ten or to imprisonment for a period not exceeding two years or to both such fine and such imprisonment.35 (4) Until a telecommunication licence governing the service in question is issued to another person, there shall be deemed to be reserved to the Corporation or the appropriate successor company, as the case may be, such particular service comprised within a telecommunication service as may be prescribed. 107 Initial shareholding in successor company (1) All the members of the appropriate successor company on its incorporation shall be persons nominated by the Minister, with the approval of the President, and shall hold their shares on behalf of the State. (2) All the shares initially issued to members of the appropriate successor company on its incorporation shall be held by those members on behalf of the State. 108 Transfer of assets and liabilities of Corporation to successor company (1) Subject to subsection (2), the Minister, in consultation with the Board of the Corporation, shall by written notice fix the date on which the assets and liabilities of the Corporation shall be transferred to the appropriate successor company: Provided that the Minister may fix different dates for the transfer of different assets and liabilities. (2) On the relevant transfer date, every asset and liability of the Corporation which the Minister has directed shall be transferred to the appropriate successor company shall vest in that company. (3) All bonds, hypothecations, deeds, contracts, instruments, documents and working arrangements that subsisted immediately before the relevant transfer date and to which the Corporation was a party shall, on and after that date, be as fully effective and enforceable against or in favour of the appropriate successor company as if, instead of the Corporation, the appropriate successor company had been named therein. (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 35 Subsection amended by s. 4 of Act 22/2001.