Steel Industry (Nationalisation) Act 2026
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Change 1
14 Reverse share transfer
(1) This section applies where the Secretary of State has made share transfer regulations in respect of a steel undertaking under section 4 (“the original regulations”). (2) The Secretary of State may make reverse share transfer regulations in respect of securities held by the transferee under the original regulations (whether or not they were transferred by the original regulations). (3) If the Secretary of State makes onward share transfer regulations under section 13 (“the relevant onward transfer regulations”), the Secretary of State may make reverse share transfer regulations in respect of securities issued by the steel undertaking and held by the transferee under the relevant onward transfer regulations (“the onward transferee”), whether or not the securities were transferred by the relevant onward transfer regulations. (4) Reverse share transfer regulations are share transfer regulations which— (a) in a case within subsection (2), provide for transfer of the securities to the transferor under the original regulations; (b) in a case within subsection (3), provide for transfer of the securities to the transferor under the relevant onward transfer regulations. (5) The consent of the onward transferee is required to the making of reverse share transfer regulations within subsection (3), except where the onward transferee is a person specified in section 4(1)(b) or (c). (6) Reverse share transfer regulations may make other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under subsection (2) or (3) (whether the transfer has been or is to be effected by those regulations or otherwise). (7) Reverse share transfer regulations are to be treated in the same way as any other share transfer regulations for all other purposes, including for the purposes of the application of a power under this Part.
14 Reverse share transfer
(1) This section applies where the Secretary of State has made share transfer regulations in respect of a steel undertaking under section 4 (“the original regulations”). (2) The Secretary of State may make reverse share transfer regulations in respect of securities held by the transferee under the original regulations (whether or not they were transferred by the original regulations). (3) If the Secretary of State makes onward share transfer regulations under section 13 (“the relevant onward transfer regulations”), the Secretary of State may make reverse share transfer regulations in respect of securities issued by the steel undertaking and held by the transferee under the relevant onward transfer regulations (“the onward transferee”), whether or not the securities were transferred by the relevant onward transfer regulations. (4) Reverse share transfer regulations are share transfer regulations which— (a) in a case within subsection (2), provide for transfer of the securities to the transferor under the original regulations; (b) in a case within subsection (3), provide for transfer of the securities to the transferor under the relevant onward transfer regulations. (5) The consent of the onward transferee is required to the making of reverse share transfer regulations within subsection (3), except where the onward transferee is a person specified in section 4(1)(b) or (c). (6) Reverse share transfer regulations may make other provision for the purposes of, or in connection with, the transfer of securities which are, could be or could have been transferred under subsection (2) or (3) (whether the transfer has been or is to be effected by those regulations or otherwise). (7) Reverse share transfer regulations are to be treated in the same way as any other share transfer regulations for all other purposes, including for the purposes of the application of a power under this Part.
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