Republic of Namibia 6 Annotated Statutes Posts and Telecommunications Companies Establishment Act 17 of 1992 (iii) no person, except the State, shall, whether directly or indirectly, hold any shares in the company. (10A) The board of directors of the holding company shall be constituted, and its members, including the chairperson and vice-chairperson of the board, shall be appointed in accordance with, and for a period as determined under, sections 14 and 15 of the Public Enterprises Governance Act, 2006. [Subsection (10A) is inserted by Act 2 of 2006, as amended by Act 8 of 2015. The Public Enterprises Governance Act referred to is Act 2 of 2006.] (11) The Minister shall lay copies of the memorandum and articles of association of each successor company, and of all amendments thereto, upon the Table in the National Assembly within fourteen days after their registration if the National Assembly is then in ordinary session or, if the National Assembly is not then in session, within fourteen days after the commencement of its first ensuing ordinary session. (12) Notwithstanding the provisions of the Companies Act, a successor company shall not have more than one member. (13) The powers and duties of the State as a member and shareholder of the holding company shall be exercised and performed by the Minister or a person nominated by the Minister in writing from time to time. (14) A successor company shall not conduct any business and shall not acquire any assets, liabilities, rights or obligations prior to the transfer date. Application of provisions of Companies Act 3. (1) The provisions of the Companies Act shall apply to the successor companies, except (a) those provisions of the said Act that are inconsistent with the provisions of this Act or that are excluded under subsection (2); (b) sections 73, 103(1), 193, 195, 208(2) and 221 until the first annual general meeting of each successor company. (2) Save for any provisions of the Companies Act or any other law relating to companies the exclusion of which notice in the Gazette, exclude the application to the successor companies, or any of them, of any provision of the said Act or such other law, or render such provision or law applicable subject to such modification as the Minister may deem fit, and the Minister may withdraw or amend such notice. Transfer of postal enterprise and telecommunications enterprise to successor companies 4. (1) On a date determined by the Minister by notice in the Gazette - (a) the postal enterprise shall, subject to subsection (4), be transferred to the postal company, from which date the postal company shall be entitled to conduct a postal service and the supplementary services, subject to the Posts and Telecommunications Act, 1992; (b) the telecommunications enterprise shall, subject to subsection (4), be transferred to the telecommunications company, from which date the telecommunications