No. 2 of 1998 Kenya Information and Communications [Rev. 2018] “vesting day” means the day specified by the Minister for Finance under paragraph 5 of this Schedule. 2. Licenses granted former Corporation Notwithstanding the repeal of the Kenya Posts and Telecommunications Act, all licences granted by the former Corporation shall be deemed to be granted by the Commission under the corresponding provisions of this Act and shall remain in force until they are revoked in accordance with any terms in that regard set out in the licence and replaced by licences granted under this Act. 3. Winding-up of former Corporation The Board of Directors of the former Corporation shall remain in office for the purpose of windingup the affairs of the former Corporation: Provided that the Minister may by notice in the Gazette dissolve the Board of Directors referred to in this subsection upon the completion of the winding up of the affairs of the former Corporation. 4. Cessation of exclusive privilege The exclusive privilege conferred upon the former Corporation by the Kenya Posts and Telecommunications Corporation Act (Cap. 411) (now repealed) with respect to providing— (a) telephone services and constructing, maintaining and operating telephone apparatus conferred on the former Corporation by section 59(1); and (b) telegraph services and of constructing, maintaining and operating telephone apparatus conferred on the former Corporation by section 70, shall lapse upon the commencement of this provision. 5. Transfer of assets and liabilities of the former Corporation (1) The Minister for Finance may by notice in the Gazette, specify the date or dates and the manner in which the assets and liabilities of the former Corporation shall be transferred to and vested in— (a) the Commission, in respect of assets and liabilities relating to regulatory services; (b) the Company, in respect of assets and liabilities relating to telecommunication services; and (c) the Corporation, in respect of assets and liabilities relating to postal services. (2) References in this Schedule to assets and liabilities of the former Corporation shall be references to all such assets and liabilities, whether or not capable of being transferred or assigned by the former Corporation. (3) A notice under subsection (1) shall specify the assets and liabilities of the former Corporation which are to be transferred to the Commission, the Company, or the Corporation, as the case may be. (4) If, on the vesting day, any suit, appeal, arbitration or other proceedings of whatever nature and wheresoever instituted in relation to the business of the former Corporation which is by virtue of this section, transferred to the Commission, 88