Application of Trustees Act in relation to investment in telecommunication successor company or postal successor company
35.—(1)  For the purpose of applying paragraph 1(1)(b), (c) and (d) of Part IV of the First Schedule to the Trustees Act (which provide that securities of a company shall not count as authorised investments within the meaning of that Act (Cap. 337) unless the company has a shareholders equity of not less than $30 million and has paid dividends in each of the 3 financial years, and has reported a profit in the financial year, immediately preceding that in which the investment is made) in relation to investment in securities of the telecommunication successor company during the financial year in which the transfer date falls (the first investment year) or during any financial year following that year, the company shall be deemed —
(a)to have paid a dividend as mentioned in the said paragraph 1(1)(b) in each financial year preceding the first investment year which is included in the relevant 3 years, and in the first investment year, if that year is included in the relevant 3 years and the company does not in fact pay such a dividend in that year;
(b)to have had a shareholders equity of not less than $30 million as mentioned in the said paragraph 1(1)(c); and
(c)to have reported a profit as mentioned in the said paragraph 1(1)(d) in the financial year preceding the first investment year, and in the first investment year, if the company does not in fact report such a profit in that year.
(2)  In subsection (1), “the relevant 3 years” means the 3 financial years immediately preceding the financial year in which the investment in question is made or proposed to be made.
(3)  This section shall apply mutatis mutandis to the postal successor company as it applies to the telecommunication successor company and the references to telecommunication successor company in this section shall be read as references to the postal successor company.