Postal and Telecommunications Services Act, 1983

Postal and Telecommunications Services Act, 1983 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1983 Postal and Telecommunications Services Act, 1983 Postal and Telecommunications Services Act, 1983 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Print Full ActPriontáil an tAcht Iomlán Number 24 of 1983 POSTAL AND TELECOMMUNICATIONS SERVICES ACT, 1983 ARRANGEMENT OF SECTIONS PART I Preliminary and General Section 1. Short title. 2. Interpretation. 3. Laying of orders and regulations before Houses of Oireachtas. 4. Penalties. 5. Proceedings. 6. Expenses. 7. Repeals and revocations. 8. Consequential amendment of enactments. PART II Establishment of An Post and Bord Telecom Éireann 9. Formation of companies. 10. Names and capital formation of companies. 11. Form of memorandum of association. 12. Principal objects of postal company. 13. General duty of postal company. 14. Principal objects of telecommunications company. 15. General duty of telecommunications company. 16. Articles of association. 17. Restriction on alteration of memorandum or articles of association. 18. Issue of shares to the Minister in consideration of transfer of property. 19. Issue of shares to Minister for Finance. 20. Issue of shares to subscribers to memorandum of association of each company. 21. Restriction on issue of share capital. 22. Acquisition of shares and exercise of powers by the Minister. 23. Transfer by Minister of shares. 24. Provision of money for share subscriptions. 25. Obligation of shareholder (other than the Minister) to hold share in trust. 26. Payment of dividends, etc., into Exchequer. 27. Power to borrow. 28. Guaranteeing by Minister for Finance of borrowings. 29. Financing of capital works and grants for current expenditure. 30. Provision of money for payments out of Central Fund. 31. Provision of working capital for each company. 32. Accounts and audits. 33. Annual report and furnishing of information to Minister. 34. Employee directors. 35. Remuneration, etc., of directors appointed under section 34. 36. Disclosure by directors of certain interests. 37. Prohibition on unauthorised disclosure of information. 38. Membership of House of Oireachtas or European Assembly. 39. Appointment of Chief Executives of the companies. PART III Provisions Applicable to Both Companies 40. Transfer of land. 41. Transfer of other property. 42. Transfer of rights and liabilities. 43. Exemption from stamp duty. 44. Acquisition of land. 45. Provisions applicable to staff transferred to companies. 46. Superannuation. 47. Provision for certain welfare funds. 48. Users' Councils. 49. Functions of Users' Councils. 50. Appointment of interim postal and telecommunications boards. 51. Loss-making services provided by direction of the Minister. 52. Non-application of certain enactments to companies. 53. Power of Commissioners of Public Works to undertake work. 54. Charge of rates on property of companies. 55. Transitional provision regarding taxation of motor fleet. 56. Liability for loss occurring before vesting day. 57. Continuance of pending legal proceedings. 58. Continuance of certain notices, certificates, declarations and bonds. 59. Continuance of licences and permissions granted by the Minister. 60. Continuance of planning consultations. 61. Restriction of liability of companies under Planning Acts. PART IV The Postal Company 62. Postal company. 63. Exclusive privilege of the postal company. 64. Limitation of liability of the postal company. 65. Delivery of postal packets. 66. Inviolability of mails and immunity of staff from prosecution. 67. Provision of banking services. 68. Money orders and postal orders. 69. Postage stamps and supplementary insurance stamps. 70. Charges and other terms applicable to services. 71. Evidence as to sum due for services provided by the company. 72. Transitional provisions as to regulations under Post Office Acts, 1908 to 1969. 73. Grant of licences for the provision of postal services. 74. Schemes for free postage for electoral candidates. 75. Recoupment of free postage for elections, referenda and messages to certain organs of State. 76. Issue of television and other licences. 77. Summary proceedings under Wireless Telegraphy Acts, 1926 to 1972. 78. Payment by postal company of moneys received for television and other licences. 79. Recoupment of postal company for cost of issue of television and other licences. 80. Hours of business of telegraph offices under control of postal company. 81. Postmaster director. 82. Entry of staff of company to harbours and Customs-free airport. 83. Powers as to the transmission of postal packets. 84. Prohibition on opening, etc., of postal packets. 85. Transitional financial provisions. PART V The Telecommunications Company 86. Telecommunications company. 87. Exclusive privilege of the telecommunications company. 88. Limitation of liability of the telecommunications company. 89. Grant of licences for the provision of telecommunications services. 90. Charges and other terms applicable to services. 91. Evidence as to sum due for telecommunications services. 92. Transitional provisions as to regulations under Telegraph Acts, 1863 to 1953. 93. Transfer to the company of deposits paid to the Minister for telephone and telex charges. 94. Continuance of proceedings for settlement of disputes. 95. Precabling of housing and industrial estates. 96. Control of telecommunications services. 97. Irish Telecommunications Investments Limited. 98. Prohibition on interception of telecommunications messages. 99. Fraudulent use of telecommunications system. 100. Repayment of certain advances under Telecommunications Capital Acts, 1924 to 1981. 101. Transitional financial provisions. PART VI Post Office Savings Bank and other Savings Services 102. Definitions. 103. Post Office Savings Bank. 104. Savings Bank business. 105. Limitation of liability. 106. Post Office Savings Bank cheques, warrants and other documents. 107. Non-disclosure of information relating to deposits. 108. Disputes before Registrar of Friendly Societies. 109. Recoupment of company for cost of managing savings services. PART VII Functions of Minister for Posts and Telegraphs 110. General ministerial powers in relation to postal and telecommunications services. 111. Grant of licences for the provision of postal and telecommunications services. FIRST SCHEDULE Election of Certain Directors Part I Employee Directors Part II Postmaster Director of An Post SECOND SCHEDULE Provisions Relating to Compulsory Acquisition THIRD SCHEDULE Repeal and Revocation of Enactments FOURTH SCHEDULE Consequential Amendment of Enactments Acts Referred to Acquisition of Land (Assessment of Compensation) Act, 1919 9 and 10 Geo. 5, c. 57 Air Navigation and Transport Act, 1936 1936, No. 40 Bankers' Books Evidence Act, 1879 42 and 43 Vict., c. 11 Bankers' Books Evidence (Amendment) Act, 1959 1959, No. 21 Bankers' Books Evidence Acts, 1879 and 1959 Betting Act, 1931 1931, No. 27 Central Bank Act, 1942 1942, No. 22 Central Bank Act, 1971 1971, No. 24 Companies Act, 1963 1963, No. 33 Companies Acts Conveyance of Mails Act, 1893 56 and 57 Vict., c. 38 Criminal Procedure Act, 1967 1967, No. 12 Currency and Central Bank Acts, 1927 to 1971 Customs (Consolidation) Act, 1876 39 and 40 Vict., c. 36 Customs-free Airport Act, 1947 1947, No. 5 Electoral Act, 1923 1923, No. 12 Electoral Act, 1963 1963, No. 19 Electricity (Supply) Act, 1927 1927, No. 27 Electricity (Supply) (Amendment) (No. 2) Act, 1934 1934, No. 38 Electricity (Supply) (Amendment) Act, 1945 1945, No. 12 European Assembly Elections Act, 1977 1977, No. 30 Exchange Control Act, 1954 1954, No. 30 Finance Act, 1895 58 and 59 Vict., c. 16 Finance Act, 1911 1 and 2 Geo. 5, c. 48 Finance Act, 1925 1925, No. 28 Finance Act, 1940 1940, No. 14 Finance Act, 1942 1942, No. 14 Finance Act, 1963 1963, No. 23 Firearms Act, 1925 1925, No. 17 Fire Services Act, 1981 1981, No. 30 Forgery Act, 1913 3 and 4 Geo. 5, c. 27 Gaming and Lotteries Act, 1956 1956, No. 2 Holidays (Employees) Act, 1973 1973, No. 25 Income Tax Act, 1967 1967, No. 6 Interpretation Act, 1937 1937, No. 38 Irish Bankrupt and Insolvent Act, 1857 20 and 21 Vict., c. 60 Irish Telecommunications Investments Limited Act, 1981 1981, No. 27 Irish Telecommunications Investments Limited (Amendment) Act, 1983 1983, No. 8 Lands Clauses Consolidation Act, 1845 8 and 9 Vict., c. 18 Larceny Act, 1916 6 and 7 Geo. 5, c. 50 Liffey Reservoir Act, 1936 1936, No. 54 Local Government (Planning and Development) Act, 1963 1963, No. 28 Local Government (Planning and Development) Act, 1976 1976, No. 20 Local Government (Planning and Development) Acts, 1963 to 1982 Malicious Injuries Act, 1981 1981, No. 9 Mergers, Take-overs and Monopolies (Control) Act, 1978 1978, No. 17 Minimum Notice and Terms of Employment Act, 1973 1973, No. 4 Ministers and Secretaries Act, 1924 1924, No. 16 Misuse of Drugs Act, 1977 1977, No. 12 Moneylenders Acts, 1900 and 1933 Payment of Wages Act, 1979 1979, No. 40 Petty Sessions (Ireland) Act, 1851 14 and 15 Vict., c. 93 Post Office Act, 1908 8 Edw. 7, c. 48 Post Office Act, 1913 3 and 4 Geo. 5, c. 11 Post Office Acts, 1908 to 1951 Post Office Acts, 1908 to 1969 Post Office (Amendment) Act, 1951 1951, No. 17 Post Office (Amendment) Act, 1969 1969, No. 18 Post Office and Telegraph Act, 1897 60 and 61 Vict., c. 41 Post Office and Telegraph Act, 1920 10 and 11 Geo. 5, c. 40 Post Office (Duties) Act, 1847 10 and 11 Vict., c. 85 Post Office (Evasion of Postage) Act, 1937 1937, No. 7 Post Office (Parcels) Act, 1882 45 and 46 Vict., c. 74 Post Office (Protection) Act, 1884 47 and 48 Vict., c. 76 Post Office Savings Bank Act, 1861 24 Vict., c. 14 Post Office Savings Bank Act, 1863 26 Vict., c. 14 Post Office Savings Bank Act, 1874 37 and 38 Vict., c. 73 Post Office Savings Bank Act, 1908 8 Edw. 7, c. 8 Post Office Savings Bank Acts, 1861 to 1958 Presidential Elections Act, 1937 1937, No. 32 Prevention of Electoral Abuses Act, 1923 1923, No. 38 Prices Acts, 1958 to 1972 Provident Nominations and Small Intestacies Act, 1883 46 and 47 Vict., c. 47 Public Offices Fees Act, 1879 42 and 43 Vict., c. 58 Railways (Conveyance of Mails) Act, 1838 1 and 2 Vict., c. 98 Referendum Act, 1942 1942, No. 8 Regulation of Railways Act, 1868 31 and 32 Vict., c. 119 Regulation of Railways Act, 1873 36 and 37 Vict., c. 48 Restrictive Practices Act, 1972 1972, No. 11 Revenue Act, 1889 51 and 52 Vict., c. 42 Road Transport Act, 1932 1932, No. 2 Road Transport Act, 1933 1933, No. 8 Sale of Food and Drugs Act, 1875 38 and 39 Vict., c. 63 Sale of Goods and Supply of Services Act, 1980 1980, No. 16 Savings Banks Act, 1880 43 and 44 Vict., c. 36 Savings Banks Act, 1887 50 and 51 Vict., c. 40 Savings Banks Act, 1891 54 and 55 Vict., c. 21 Savings Banks Act, 1904 4 Edw. 7, c. 8 Savings Banks Act, 1920 10 and 11 Geo. 5, c. 12 Savings Banks Act, 1958 1958, No. 23 Savings Banks (Barrister) Act, 1876 39 and 40 Vict., c. 52 Seanad Electoral (Panel Members) Act, 1947 1947, No. 42 Seanad Electoral (University Members) Act, 1937 1937, No. 30 Shannon Electricity Act, 1925 1925, No. 26 Shops (Conditions of Employment) Act, 1938 1938, No. 4 Social Welfare (Consolidation) Act, 1981 1981, No. 1 Stamp Act, 1891 54 and 55 Vict., c. 39 Stamp Duties Management Act, 1891 54 and 55 Vict., c. 38 Superannuation Acts, 1834 to 1963 Superannuation and Pensions Act, 1976 1976, No. 22 Telecommunications Capital Acts, 1924 to 1981 Telegraph Act, 1863 26 and 27 Vict., c. 112 Telegraph Act, 1868 31 and 32 Vict., c. 110 Telegraph Act, 1869 32 and 33 Vict., c. 73 Telegraph Act, 1878 41 and 42 Vict., c. 76 Telegraph Act, 1885 48 and 49 Vict., c. 58 Telegraph Act, 1892 55 and 56 Vict., c. 59 Telegraph Act, 1899 62 and 63 Vict., c. 38 Telegraph Act, 1928 1928, No. 10 Telegraph Act, 1953 1953, No. 27 Telegraph Acts, 1863 to 1916 Telegraph Acts, 1863 to 1953 Telegraph Act Amendment Act, 1866 29 Vict., c. 3 Telegraph (Arbitration) Act, 1909 9 Edw. 7, c. 20 Telegraph (Construction) Act, 1908 8 Edw. 7, c. 33 Telegraph (Construction) Act, 1911 1 and 2 Geo. 5, c. 39 Telegraph (Construction) Act, 1916 6 and 7 Geo. 5, c. 40 Telephone Capital Act, 1927 1927, No. 8 Telephone Transfer Act, 1911 1 and 2 Geo. 5, c. 26 Transport Act, 1944 1944, No. 21 Transport Act, 1950 1950, No. 12 Transport Act, 1958 1958, No. 19 Trustee Savings Banks Act, 1863 26 and 27 Vict., c. 87 Turf Development Act, 1946 1946, No. 10 Undeveloped Areas Act, 1952 1952, No. 1 Unfair Dismissals Act, 1977 1977, No. 10 Wildlife Act, 1976 1976, No. 39 Wireless Telegraphy Act, 1926 1926, No. 45 Wireless Telegraphy Act, 1972 1972, No. 5 Wireless Telegraphy Acts, 1926 to 1972 Number 24 of 1983 POSTAL AND TELECOMMUNICATIONS SERVICES ACT, 1983 AN ACT TO PROVIDE FOR THE REORGANISATION OF THE POSTAL AND TELECOMMUNICATIONS SERVICES, TO CONSTITUTE AUTHORITIES FOR THAT PURPOSE AND TO MAKE PROVISION FOR THE ASSIGNMENT TO THOSE AUTHORITIES OF FUNCTIONS HERETOFORE EXERCISED BY THE MINISTER FOR POSTS AND TELEGRAPHS; TO REPEAL, AMEND OR ADAPT ENACTMENTS RELATING TO THE POSTAL AND TELECOMMUNICATIONS SERVICES AND THE SAVINGS BANKS AND TO MAKE OTHER PROVISIONS IN RELATION TO THE MATTERS AFORESAID. [13th July, 1983] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART I Preliminary and General Short title. 1.—This Act may be cited as the Postal and Telecommunications Services Act, 1983. Interpretation. 2.—(1) In this Act, except where the context otherwise requires— “company” means the postal company or the telecommunications company, as the case may require; “the Companies Acts” means the Companies Act, 1963 , and the Acts which by virtue of any enactment are to be construed with it as one Act; “functions” includes powers and duties; “Minister” means the Minister for Posts and Telegraphs; “postal company” means the company referred to in section 10 (1) (a); “recognised trade unions and staff associations” means trade unions and staff associations recognised by the company for the purposes of negotiations which are concerned with the remuneration or conditions of employment, or the working conditions, of employees; “recognised unions and associations” means unions and associations recognised by the postal company for the purpose of negotiations which are concerned with the contracts entered into by the company with postmasters; “State authority” means an authority being— (a) a Minister of the Government, (b) the Commissioners of Public Works in Ireland, (c) the Irish Land Commission; “telecommunications company” means the company referred to in section 10 (1) (b); “vesting day” means the day appointed under section 9 (2) to be the vesting day. (2) Any word or expression to which a particular meaning is assigned by the Post Office Acts, 1908 to 1951, the Post Office Savings Bank Acts, 1861 to 1958, or the Telegraph Acts, 1863 to 1916, has in this Act, except where the context otherwise requires, the meaning so assigned. (3) A reference in this Act to a Part or section is to a Part or section of this Act, unless it is indicated that reference to some other enactment is intended. (4) A reference in this Act to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended. (5) A reference in this Act to any enactment shall be construed as a reference to that enactment as amended or adapted by or under any subsequent enactment. (6) Where any function of either company is, under the memorandum of association of a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of that company, a function of the subsidiary every provision of this Act or any other enactment relating to the company shall, in respect of that function, apply to the subsidiary as it applies to the company. Laying of orders and regulations before Houses of Oireachtas. 3.—Every order (other than an order under paragraph 2 of the Second Schedule ) and every regulation made by the Minister, the Minister for Finance or the Minister for Trade, Commerce and Tourism under this Act or made by the postal company under section 84 or by the telecommunications company under section 98 shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the order or regulation is passed by either such House within the next subsequent 21 days on which that House has sat after the order or regulation is laid before it, the order or regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder. Penalties. 4.—(1) A person guilty of an offence under— (a) section 45 of the Telegraph Act, 1863, (b) section 6 of the Telegraph Act, 1869, (c) section 11 of the Post Office (Protection) Act, 1884 , (d) section 53A (inserted by the Fourth Schedule ) or 62 of the Post Office Act, 1908 , (e) section 13 of the Post Office (Amendment) Act, 1951 , or (f) section 37 , 63 , 84 , 87 , 98 or 99 of this Act, shall be liable— (i) on summary conviction, to a fine not exceeding £800 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months or to both the fine and the imprisonment, or (ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years or to both the fine and the imprisonment. (2) On conviction of a person on indictment for an offence to which subsection (1) relates the court may, in addition to any other penalty, order any apparatus, equipment or other thing used to commit the offence to be forfeited. (3) Section 13 of the Criminal Procedure Act, 1967 , shall apply in relation to an offence to which subsection (1) relates as if, in lieu of the penalties provided for in subsection (3) of the said section, there were specified therein the penalties provided for in subsection (1) (i) of this section, and the reference in subsection (2) (a) of the said section 13 to the penalties provided for in the said subsection (3) shall be construed and have effect accordingly. (4) Where an offence to which subsection (1) relates is committed by a body corporate and is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any person (or any person acting on his behalf) being a director, manager, or secretary of such body, that person or the person so acting, as the case may be, shall also be guilty of that offence. Proceedings. 5.—(1) Summary proceedings for an offence under section 37 may be brought and prosecuted by the postal company or the telecommunications company, as the case may require. (2) Summary proceedings for an offence under section 63 or 84 may be brought and prosecuted by the postal company. (3) Summary proceedings for an offence under section 87 , 98 (1), 98 (3) or 99 may be brought and prosecuted by the telecommunications company. (4) Summary proceedings for an offence under— (a) the Railways (Conveyance of Mails) Act, 1838 , (b) the Stamp Act, 1891, (c) the Stamp Duties Management Act, 1891, (d) the Post Office Savings Bank Acts, 1861 to 1958, (e) the Forgery Act, 1913, (f) the Misuse of Drugs Act, 1977 , (g) the Post Office Acts, 1908 to 1951, in relation to any function of the postal company may be brought and prosecuted by the postal company. (5) Summary proceedings for an offence under— (a) the Telegraph Acts, 1863 to 1916, (b) the Post Office (Protection) Act, 1884 , (c) the Post Office Acts, 1908 to 1951, in relation to any function of the telecommunications company may be brought and prosecuted by the telecommunications company. (6) Summary proceedings may be brought and prosecuted by the Minister for an offence under section 6 of the Telegraph Act, 1869, or under section 37 , 63 , 84 , 87 or 98 of this Act. (7) Notwithstanding section 10 (4) of the Petty Sessions (Ireland) Act, 1851 , summary proceedings for an offence to which any provision of this Act relates may be instituted within 12 months from the date of the offence. Expenses. 6.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. Repeals and revocations. 7.—The enactments specified in the Third Schedule are hereby repealed or revoked with effect from the vesting day to the extent specified in the third column. Consequential amendment of enactments. 8.—(1) Every enactment mentioned in the Fourth Schedule shall, on and after the vesting day, have effect as amended in the third column and shall be construed accordingly. (2) The Minister may, for the purpose of giving full effect to the assignment of functions under this Act to either company, by order adapt any enactment with the consent of any other Minister responsible for the administration of that enactment. PART II Establishment of an Post and Bord Telecom Éireann Formation of companies. 9.—(1) The Minister, after consultation with the Minister for Finance, shall cause two limited companies conforming to the conditions laid down in this Act to be formed and registered under the Companies Acts. (2) The Minister shall by order appoint a day to be the vesting day for each of the two companies as soon as practicable after the companies have been registered. Names and capital formation of companies. 10.—(1) The names of the companies shall be, respectively— (a) An Post or, in the English language, The Post Office, and (b) Bord Telecom Éireann or, in the English language, The Irish Telecommunications Board. (2) Each company shall be exempt from the requirement of section 6 (1) (a) of the Companies Act, 1963 , to include the word “limited” or “teoranta” in its title. (3) (a) Subject to paragraph (c), the authorised share capital of An Post shall be an amount not exceeding the total of the following— (i) the value of the property to be transferred to the company on the vesting day under sections 40 and 41 , (ii) the amount of money which may be made available to the company under section 29 (1) to finance capital works, and (iii) the amount of working capital to be made available to the company under section 31 , divided into shares of one pound each. (b) Subject to paragraph (c), the authorised share capital of Bord Telecom Éireann shall be an amount not exceeding the total of the following— (i) the value of the property to be transferred to the company on the vesting day under sections 40 and 41 , less the amount by which sums issued by the Minister for Finance under the Telecommunications Capital Acts, 1924 to 1981, which have not been repaid before that day exceed the sum of £355,000,000 plus the amount of the outstanding liability of the Minister to Irish Telecommunications Investments Limited immediately before the vesting day, and (ii) the amount of working capital to be made available to the company under section 31 , divided into shares of one pound each. (c) The totals obtained under paragraphs (a) and (b) shall, if required, be rounded upwards to the nearest £500,000 or £1,000,000, as the case may be. (d) Each company may, with the consent of the Minister and the Minister for Finance, divide the shares in its share capital into several classes and attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions. Form of memorandum of association. 11.—The memorandum of association of each company shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance. Principal objects of postal company. 12.—(1) The principal objects of the postal company shall be stated in its memorandum of association to be— (a) to provide a national postal service within the State and between the State and places outside the State, (b) to meet the industrial, commercial, social and household needs of the State for comprehensive and efficient postal services and, so far as the company considers reasonably practicable, to satisfy all reasonable demands for such services throughout the State, (c) to provide services by which money may be remitted (whether by means of money orders, postal orders or otherwise) as the company thinks fit, (d) to provide counter services for the company's own and Government business and, provided that they are compatible with those services and with the other principal objects set out in this subsection, for others as the company thinks fit, and (e) to provide such consultancy, advisory, training and contract services inside and outside the State as the company thinks fit. (2) Nothing in this section shall prevent or restrict the inclusion among the objects of the company as stated in its memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the due attainment of the principal objects aforesaid and are not inconsistent with this Act. (3) The company shall have power to do anything which appears to it to be requisite, advantageous or incidental to, or which appears to it to facilitate, either directly or indirectly, the performance by it of its functions as specified in this Act or in its memorandum of association and is not inconsistent with any enactment for the time being in force. General duty of postal company. 13.—(1) It shall be the general duty of the postal company to conduct the company's affairs so as to ensure that— (a) charges for services are kept at the minimum rates consistent with meeting approved financial targets, and (b) revenues of the company are not less than sufficient to— (i) meet all charges properly chargeable to revenue account (including depreciation of assets and proper allocation to general reserve) taking one year with another, (ii) generate a reasonable proportion of capital needs, and (iii) remunerate capital and repay borrowings. (2) Nothing in section 12 or this section shall be construed as imposing on the company, either directly or indirectly, any form of duty or liability enforceable by proceedings before any court to which it would not otherwise be subject. Principal objects of telecommunications company. 14.—(1) The principal objects of the telecommunications company shall be stated in its memorandum of association to be— (a) to provide a national telecommunications service within the State and between the State and places outside the State, (b) to meet the industrial, commercial, social and household needs of the State for comprehensive and efficient telecommunications services and, so far as the company considers reasonably practicable, to satisfy all reasonable demands for such services throughout the State, and (c) to provide such consultancy, advisory, training and contract services inside and outside the State as the company thinks fit. (2) Nothing in this section shall prevent or restrict the inclusion among the objects of the company as stated in its memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the due attainment of the principal objects aforesaid and are not inconsistent with this Act. (3) The company shall have power to do anything which appears to it to be requisite, advantageous or incidental to, or which appears to it to facilitate, either directly or indirectly, the performance by it of its functions as specified in this Act or in its memorandum of association and is not inconsistent with any enactment for the time being in force. General duty of telecommunications company. 15.—(1) It shall be the general duty of the telecommunications company to conduct the company's affairs so as to ensure that— (a) charges for services are kept at the minimum rates consistent with meeting approved financial targets, and (b) revenues of the company are not less than sufficient to— (i) meet all charges properly chargeable to revenue account (including depreciation of assets and proper allocation to general reserve) taking one year with another, (ii) generate a reasonable proportion of capital needs, and (iii) remunerate capital and repay borrowings. (2) Nothing in section 14 or this section shall be construed as imposing on the company, either directly or indirectly, any form of duty or liability enforceable by proceedings before any court to which it would not otherwise be subject. Articles of association. 16.—(1) The articles of association of each company shall be in such form consistent with this Act as may be approved of by the Minister with the consent of the Minister for Finance and, where appropriate, the consent of the Minister for the Public Service. (2) The articles of association of each company shall provide that— (a) the number of directors (including the chairman) shall be at least 12 or such greater number as the Minister with the consent of the Minister for Finance may determine from time to time; (b) the chairman and other directors shall be appointed and may be removed from office by the Minister with the consent of the Minister for Finance; (c) the remuneration of the chairman and other directors shall be determined by the Minister with the consent of the Minister for the Public Service; (d) no person shall be appointed as auditor of the company without the approval of the Minister given with the consent of the Minister for Finance; (e) the company shall, in consultation and agreement with recognised trade unions and staff associations, set up machinery for the purposes of negotiations concerned with the pay and conditions of service of its staff; (f) the company shall not invest in any other undertaking without the approval of the Minister given with the consent of the Minister for Finance. (3) The articles of association of the postal company shall provide that the company shall, in consultation and agreement with recognised unions and associations, set up machinery for the purposes of negotiations concerning the remuneration and other contractual conditions of postmasters. Restriction on alteration of memorandum or articles of association. 17.—Notwithstanding anything contained in the Companies Acts, no alteration in the memorandum of association or articles of association of either company shall be valid or effectual unless made with the prior approval of the Minister given with the consent of the Minister for Finance and, where appropriate, the consent of the Minister for the Public Service. Any proposed alteration shall be notified by the company to recognised trade unions and staff associations and recognised unions and associations. Issue of shares to the Minister in consideration of transfer of property. 18.—(1) The postal company shall issue shares to the Minister to the value of the property transferred to it on the vesting day in accordance with sections 40 and 41 . (2) The telecommunications company shall issue shares to the Minister to the value of the property transferred to it on the vesting day in accordance with sections 40 and 41 , less the amount by which sums issued by the Minister for Finance under the Telecommunications Capital Acts, 1924 to 1981, which have not been repaid before that day exceed the sum of £355,000,000 plus the amount of the outstanding liability of the Minister to Irish Telecommunications Investments Limited immediately before the vesting day. (3) The Minister, with the consent of the Minister for Finance and following consultation with the company concerned, shall issue as soon as possible after the vesting day a certificate certifying the sum which in his opinion represents the value of the property transferred to the company. (4) Each company, after receipt of the certificate, shall issue to the Minister without payment by him fully paid-up shares of the company equal in nominal value to the sum so certified in respect of that company subject, in the case of the telecommunications company, to the adjustment of that sum as provided in subsection (2). Issue of shares to Minister for Finance. 19.—(1) The postal company shall issue to the Minister for Finance one share of one pound in the share capital of the company. (2) The telecommunications company shall issue to the Minister for Finance one share of one pound in the share capital of the company. (3) Subject to subsection (4), the Minister for Finance may exercise in respect of his share in the share capital of each company all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his attorney. (4) The Minister for Finance shall not transfer or alienate his share in the share capital of either company. Issue of shares to subscribers to memorandum of association of each company. 20.—(1) One share in the share capital of the postal company shall be allotted to each of the subscribers to the memorandum of association of that company. (2) One share in the share capital of the telecommunications company shall be allotted to each of the subscribers to the memorandum of association of that company. (3) The cost of such shares shall be advanced to the subscribers out of the Central Fund or the growing produce thereof. Restriction on issue of share capital. 21.—No issue of share capital shall be made other than those referred to in sections 18 , 19 , 20 , 29 and 31 . Acquisition of shares and exercise of powers by the Minister. 22.—(1) The Minister may take up by subscription shares in each company. (2) The Minister may, subject to this Act, exercise in respect of the shares of each company held by him all the rights and powers of a holder of such shares and, where a right or power is exercisable by attorney, exercise it by his attorney. Transfer by Minister of shares. 23.—(1) The Minister may, from time to time as occasion requires for the purpose of compliance with so much of the Companies Acts as requires that there shall always be at least two members of each company, transfer to any person one of his shares in such company. (2) Save as authorised by subsection (1), the Minister shall not transfer or alienate any of his shares in either company. Provision of money for share subscriptions. 24.—(1) All money required by the Minister to meet payments required to be made by him in respect of shares taken up by him shall be advanced to him by the Minister for Finance out of the Central Fund or the growing produce thereof. (2) The Minister for Finance shall have power to borrow money or to create and issue securities for the purpose of subsection (1) and shall pay all money so borrowed into the Exchequer. (3) The principal of and interest on any securities issued under this section shall be a charge on the Central Fund or the growing produce thereof. Obligation of shareholder (other than the Minister) to hold share in trust. 25.—(1) A member of either company (other than the Minister) shall hold his share in the company issued under section 20 in trust for the Minister and shall accordingly be bound to pay all dividends and other money which he receives in respect of the share to the Minister for the benefit of the Exchequer and to transfer, as and when required by the Minister, the share to the Minister or a person nominated in that behalf by the Minister. (2) Save when required pursuant to subsection (1), such member shall not transfer or alienate his share. Payment of dividends, etc., into Exchequer. 26.—(1) All amounts representing dividends or other money received by the Minister in respect of shares of either company shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct. (2) All amounts representing dividends or other money received by the Minister for Finance in respect of his share in the share capital of either company and all amounts representing repayment of or interest on loans received or recovered by him from either company shall be paid into or disposed of for the benefit of the Exchequer in such manner as he may direct. Power to borrow. 27.—(1) (a) Each company may, by means of the issue of debentures or otherwise, borrow money (including money in a currency other than the currency of the State) for capital purposes including working capital but, where a borrowing is not from the Minister for Finance, it shall require the consent of the Minister and the Minister for Finance. (b) The aggregate at any one time of borrowings by the postal company under paragraph (a) shall not exceed £58,500,000. (c) The aggregate at any one time of borrowings by the telecommunications company under paragraph (a) shall not exceed £1,400,000,000. (d) For the purposes of this subsection moneys borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated according to the rate of exchange at the time of the borrowing for that currency and the currency of the State. (2) Each company may borrow money (including money in a currency other than the currency of the State) temporarily but the aggregate at any one time of such borrowing shall not exceed such amount as has been approved by the Minister with the consent of the Minister for Finance. (3) (a) Without prejudice to section 2 (6), references in subsections (1) and (2) to either company include references to a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of that company. (b) Where either company and a subsidiary thereof have at any one time borrowings under this section, the limits on borrowings provided for apply to the aggregate at any one time of borrowings by the company concerned and the subsidiary and, in the case of subsections (1) (c) and (2), borrowings before the vesting day by Irish Telecommunications Investments Limited. Guaranteeing by Minister for Finance of borrowings. 28.—(1) The Minister for Finance, after consultation with the Minister, may guarantee, in such form and manner and in such money (including money in a currency other than the currency of the State) and on such terms and conditions as he thinks fit, the due repayment by either company of the principal of any money borrowed by that company or the due payment of instalments or other amounts of money owed by the company under a contract entered into by the company or the payment of interest on any money, instalment or amount or both the repayment of principal or payment of such instalments or amounts, as the case may be, and payment of the interest, and any such guarantee may include a guarantee of payment of commission and incidental expenses arising in connection with such borrowings or such contract. (2) The Minister for Finance shall not so exercise the powers conferred on him by this section that the amount, or the aggregate amount, of money which he may at any one time be liable to pay on foot of any guarantee or guarantees under this section for the time being in force, together with the amount of money (if any) which he has previously paid on foot of any guarantee under this section and which has not been repaid by the company, exceeds— (a) £8,500,000 in the case of the postal company, or (b) £1,400,000,000 in the case of the telecommunications company. (3) For the purpose of calculating the amount of borrowings or instalments or other money guaranteed by the Minister for Finance under this section by reference to the limit on money in subsection (2), the equivalent in the currency of the State of borrowings or instalments or other money in a foreign currency shall be calculated at the exchange rate prevailing at the time of the giving of the guarantee. (4) Where a guarantee under this section is or has been given, the company shall, if the Minister for Finance so requires, give to him such security (including, in particular, debentures) as may be specified in the requirement for the purposes of securing to the said Minister the repayment of any money which he may be liable to pay or has paid under the guarantee. (5) The Minister for Finance shall, as soon as may be after the expiration of every financial year, lay before each House of the Oireachtas a statement setting out with respect to each guarantee under this section given during that year or given at any time before, and in force at, the commencement of that year— (a) particulars of the guarantee, (b) in case any payment has been made by him under the guarantee before the end of that year, the amount of the payment and the amount (if any) repaid to him on foot of the payment, (c) the amount of money covered by the guarantee which was outstanding at the end of that year. (6) Money paid by the Minister for Finance under a guarantee under this section shall be repaid to him (with interest thereon at such rate or rates as he appoints) by the company within two years from the date of payment by the said Minister. (7) Where the whole or any part of the money required by subsection (6) to be repaid to the Minister for Finance has not been repaid in accordance with that subsection, the amount so remaining outstanding shall be repaid to the Central Fund out of moneys provided by the Oireachtas. (8) Notwithstanding the provision of money under subsection (7) to repay the amount to the Central Fund, the company shall remain liable to the Minister for Finance in respect of that amount and that amount (with interest thereon at such rate or rates as the said Minister appoints) shall be repaid to the said Minister by the company at such times and in such instalments as he appoints and, in default of repayment as aforesaid and without prejudice to any other method of recovery, shall be recoverable as a simple contract debt in any court of competent jurisdiction. (9) In relation to a guarantee under this section in money in a currency other than the currency of the State— (a) each of the references to principal, each of the references to instalments or other amounts of money, each of the references to interest and the reference to commission and incidental expenses in subsection (1) shall be taken as referring to the equivalent in the currency of the State of the actual principal, the actual instalments or other amounts of money, the actual interest or the actual commission and incidental expenses, as may be appropriate; (b) the reference to the amount of money in subsection (5) (c) shall be taken as referring to the equivalent in the currency of the State of the actual amount of money, such equivalent being calculated according to the rate of exchange for the time being for that currency and the currency of the State; (c) each of the references to money in subsections (6) to (8) shall be taken as referring to the cost in the currency of the State of the actual money. (10) (a) Without prejudice to section 2 (6), references in this section to either company include references to a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of that company. (b) Where there are in force at any one time guarantees under or by virtue of this section in respect of either company and of a subsidiary thereof, the relevant limit specified in subsection (2) shall apply to the aggregate of the amounts which the Minister for Finance is at any one time liable to pay under such guarantees. (11) (a) Notwithstanding the repeal of the Irish Telecommunications Investments Limited Act, 1981 , all guarantees given under that Act before the vesting day by the Minister for Finance of borrowings or of payment of instalments or other amounts of money by Irish Telecommunications Investments Limited shall continue in force as if they were given by him under this section. (b) This subsection is without prejudice to section 21 of the Interpretation Act, 1937 . Financing of capital works and grants for current expenditure. 29.—(1) (a) The Minister for Finance, after consultation with the Minister, may make available to the postal company a sum not exceeding £50,000,000 to finance capital works. (b) Such sum may be made available either— (i) by way of loans on such terms as to repayment, interest and other matters as may be determined by the Minister for Finance, or (ii) by way of purchase of shares in the company (such shares to be issued to the Minister), or (iii) by way of both such loans and purchase. (2) During the period of three years from the vesting day, the Minister for Finance, after consultation with the Minister, may make available to the postal company grants of an amount not exceeding £20,000,000 for current expenditure. Provision of money for payments out of Central Fund. 30.—(1) All money from time to time required by the Minister for Finance to meet sums which may become payable by him under section 28 or 29 shall be advanced out of the Central Fund or the growing produce thereof. (2) The Minister for Finance may, for the purpose of providing for advances out of the Central Fund under this section, borrow on the security of the Central Fund or the growing produce thereof any sums required for the purpose and, for the purpose of such borrowing, he may create and issue securities bearing interest at such rate and subject to such conditions as to repayment, redemption or any other matter as he thinks fit, and shall pay all sums so borrowed into the Exchequer. (3) The principal of and interest on all securities issued under this section and the expenses incurred in connection with the issue of the securities shall be charged on and payable out of the Central Fund or the growing produce thereof. Provision of working capital for each company. 31.—(1) The Minister for Finance shall make available as working capital— (a) to the postal company, an amount not exceeding £10,000,000, and (b) to the telecommunications company, an amount not exceeding £150,000,000. (2) Liabilities of the Minister and the companies under sections 85 , 93 and 101 may, subject to the approval of the Minister and the Minister for Finance, be discharged by due account being taken of them, along with other properly reckonable amounts, in the calculation of the working capital to be made available to the companies under subsection (1). (3) Each company shall issue to the Minister shares to the value of the working capital made available to it under subsection (1). (4) Money required to be paid by the Minister for Finance under this section shall be advanced out of the Central Fund or the growing produce thereof. Accounts and audits. 32.—(1) Each company shall keep, in such form as may be approved of by the Minister with the consent of the Minister for Finance, all proper and usual accounts of all money received by or expended by it, including a profit and loss account and a balance sheet, and, in particular, shall keep in such from as aforesaid all such special accounts as the Minister may from time to time direct. (2) Accounts kept in pursuance of this section shall be submitted annually by the company to an auditor for audit and, immediately after the audit, a copy of the profit and loss account and of the balance sheet and of such other (if any) of the accounts as the Minister may direct and a copy of the auditor's report on the accounts shall be presented to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas. Annual report and furnishing of information to Minister. 33.—(1) As soon as may be after the end of each accounting year, each company shall make a report to the Minister of its activities during that year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas. (2) After such period as the Minister may determine, every annual report shall include information, in such form as the Minister may direct after consultation with the company and with the consent of the Minister for Finance, regarding the cost-effectiveness of the operations of the company. (3) Each company shall, if so required by the Minister, furnish to him such information as he may require in respect of any balance sheet, account or report of the company or in relation to the policy and operations of the company other than day-to-operations. Employee directors. 34.—(1) The Minister shall, as respects each company, appoint to be a director of the company each employee of the company who is elected in accordance with this section. The number to be elected at any such election shall be one-third of the number of directors provided for by the articles of association of the company for the time being. (2) An appointment under this section shall be in writing and shall specify the day on and from which and the period during which it is to have effect, which period shall be determined by the Minister. (3) The term of office of a director of a company who is appointed under this section shall, unless he sooner dies, resigns, leaves the employment of the company, becomes disqualified or is removed from office, terminate on the expiration of the period for which he was appointed. (4) The Minister may appoint an employee of the company eligible to be nominated as a candidate at an election under this section to fill a casual vacancy arising by reason of an event mentioned in subsection (3) for the remainder of the term of office of the director whose vacancy is to be filled. (5) A director of a company appointed under this section shall, subject to this section, be eligible for nomination as a candidate and for election at an election for the purposes of this section. (6) An election for the purposes of this section shall be held within 12 months after the vesting day or such longer period as may be agreed between the company and recognised trade unions and staff associations and in each third year thereafter. (7) Part I of the First Schedule shall apply for the purposes of an election under this section. (8) (a) The Minister shall appoint to be a director of the postal company the person who was appointed by him on the nomination of staff organisations as a member of the Interim Board for Posts (An Bord Poist), which was established by the Minister before the passing of this Act, if such person is— (i) appointed to be a member of the Interim Postal Board under section 50 , and (ii) is a member of that Board immediately before the vesting day. (b) The Minister shall appoint to be a director of the telecommunications company each person who was appointed by him on the nomination of staff organisations as a member of the Interim Board for Telecommunications (An Bord Telecom), which was established by the Minister before the passing of this Act, if such person is— (i) appointed to be a member of the Interim Telecommunications Board under section 50 , and (ii) is a member of that Board immediately before the vesting day. (c) The term of office of any director appointed under paragraph (a) or (b) shall begin on the vesting day, may be terminated by the Minister and shall, at the latest, cease on the day on which directors are appointed after elections under this section. Remuneration, etc., of directors appointed under section 34 . 35.—(1) Where any allowance payable to a director of either company is being determined by the company, the company shall not have regard to the fact that the director was, or was not, as the case may be, appointed under section 34 . (2) A person who is appointed under section 34 to be a director of a company and whose duties as such director are not whole time shall not suffer any reduction in the remuneration or allowance which, as an employee of the company, he would, if he were not such a director, normally expect to receive. Disclosure by directors of certain interests. 36.—(1) Where at a meeting of the directors of either company any of the following matters arises, namely— (a) an arrangement to which the company is a party or a proposed such arrangement, or (b) a contract or other agreement with the company or a proposed such contract or other agreement, then any director of the company present at the meeting who otherwise than in his capacity as such a director is in any way, whether directly or indirectly, interested in the matter shall at the meeting disclose to the company the fact of such interest and the nature thereof and shall not vote on a decision relating to the matter and, where an interest is disclosed pursuant to this section, the disclosure shall be recorded in the minutes of the meeting concerned and, for so long as the matter to which the disclosure relates is being dealt with by the meeting, the director by whom the disclosure is made shall not be counted in the quorum for the meeting. (2) Where at a meeting of the directors of either company a question arises as to whether or not a course of conduct, if pursued by a director of the company, would be a failure by him to comply with the requirements of subsection (1), the question may be determined by the chairman of the meeting whose decision shall be final and where such a question is so determined particulars of the determination shall be recorded in the minutes of the meeting. (3) Section 194 of the Companies Act, 1963 , shall not apply to a director of either company. Prohibition on unauthorised disclosure of information. 37.—(1) A person shall not disclose confidential information obtained by him while performing duties as a director or member of staff of, or an adviser or consultant to, the postal company or the telecommunications company or as a postmaster unless he is duly authorised to do so. (2) A person who contravenes subsection (1) shall be guilty of an offence. (3) In this section— “confidential” means that which is expressed to be confidential either as regards particular information or as regards information of a particular class or description; “duly authorised” means authorised by the company or by some person authorised in that behalf by the company. Membership of House of Oireachtas or European Assembly. 38.—(1) Where a director of either company is nominated as a member of Seanad Éireann or as a candidate for election to either House of the Oireachtas or to the Assembly of the European Communities or is appointed to such Assembly, he shall thereupon cease to be a director of the company. (2) Where a person who is an officer or servant of either company is nominated as a member of Seanad Éireann or as a candidate for election to either House of the Oireachtas or to the Assembly of the European Communities or is appointed to such Assembly, he shall stand seconded from employment by the company and shall not be paid by, or be entitled to receive from, the company any remuneration or allowances— (a) in case he is nominated as a member of Seanad Éireann or is appointed to such Assembly, in respect of the period commencing on such nomination or appointment, as the case may be, and ending when he ceases to be a member of Seanad Éireann or such Assembly, (b) in case he is nominated as a candidate for election to either such House or to such Assembly, in respect of the period commencing on his nomination and ending when he ceases to be a member of that House or that Assembly, as the case may be, or fails to be elected or withdraws his candidature, as may be appropriate. (3) A person who is, for the time being, entitled under the Standing Orders of either House of the Oireachtas to sit therein or who is a member of the Assembly of the European Communities shall, while he is so entitled or is such a member, be disqualified from becoming a director of either company or an officer or servant of either company. (4) subsection (2) shall be construed as prohibiting, inter alia, the reckoning of a period mentioned in paragraph (a) or (b) of that subsection as service with either company for the purposes of any superannuation benefit. Appointment of Chief Executives of the companies. 39.—(1) The person who on the passing of this Act is employed as Chief Executive of the Interim Board for Posts (An Bord Poist) established by the Minister before the passing of this Act shall, if so employed immediately before the establishment of the Interim Postal Board under section 50 , be the Chief Executive of that Board and shall, if so employed by that Board immediately before the vesting day, be deemed to have been appointed by the board of the postal company to be the Chief Executive of that company on the conditions on which he was so employed. (2) The person who on the passing of this Act is employed as Chief Executive of the Interim Board for Telecommunications (An Bord Telecom) established by the Minister before the passing of this Act shall, if so employed immediately before the establishment of the Interim Telecommunications Board under section 50 , be the Chief Executive of that Board and shall, if so employed by that Board immediately before the vesting day, be deemed to have been appointed by the board of the telecommunications company to be the Chief Executive of that company on the conditions on which he was so employed. (3) Every Chief Executive other than a Chief Executive to whom subsection (1) or (2) applies shall be appointed by the board of the company concerned. PART III Provisions Applicable to Both Companies Transfer of land. 40.—(1) On the vesting day all land which, immediately before that day, was vested in the Minister and was used for the purposes of functions assigned by this Act to one company and was not used in connection with the functions assigned to the other company and all rights, powers and privileges relating to or connected with such land shall, without any conveyance or assignment, stand vested in the first-mentioned company for all the estate or interest for which immediately before the vesting day it was vested in the Minister but subject to all trusts and equities affecting the land subsisting and capable of being performed. (2) All land vested in the Minister immediately before the vesting day and used partly in connection with functions assigned to one company and partly in connection with functions assigned to the other company and all rights, powers and privileges relating to or connected with such land shall, subject to such exceptions as may be specified by the Minister, without any conveyance or assignment, stand vested on the vesting day in t …