Steel Industry (Nationalisation) Act 2026
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Change 1
16 Effect of property transfer
(1) In this section, “transfer” means a transfer provided for by property transfer regulations. (2) A transfer takes effect by virtue of the regulations (and in accordance with provision in the regulations as to timing or other ancillary matters). (3) A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way. (4) In subsection (3), “restriction” includes— (a) any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person), and (b) a requirement for consent (by any name). (5) Property transfer regulations may provide for a transfer to be conditional upon a specified event or situation— (a) occurring or arising, or (b) not occurring or arising. (6) Property transfer regulations may include provision dealing with the consequences of breach of a condition imposed under subsection (5); and the consequences may include— (a) automatic vesting in the transferor; (b) an obligation to effect a transfer back to the transferor, with specified consequences for failure to comply (which may include provision conferring a discretion on a court or tribunal); (c) provision making a transfer or anything done in connection with a transfer void or voidable. (7) Where property transfer regulations make provision in respect of property held on trust (however arising) they may also make provision about— (a) the terms on which the property is to be held after the regulations take effect, and (b) how any powers, provisions and liabilities in respect of the property are to be exercisable or have effect after the regulations take effect. (8) Provision under subsection (7)(a) may remove or alter the terms of the trust on which the property is held only to the extent that the Secretary of State thinks it necessary or expedient for the purpose of transferring— (a) the legal or beneficial interest of the transferor in the property; (b) any powers, rights or obligations of the transferor in respect of the property. (9) Property transfer regulations may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment). (10) In subsection (8), references to the transferor are references to the transferor under the property transfer regulations.
16 Effect of property transfer
(1) In this section, “transfer” means a transfer provided for by property transfer regulations. (2) A transfer takes effect by virtue of the regulations (and in accordance with provision in the regulations as to timing or other ancillary matters). (3) A transfer takes effect despite any restriction arising by virtue of contract or legislation or in any other way. (4) In subsection (3), “restriction” includes— (a) any restriction, inability or incapacity affecting what can and cannot be assigned or transferred (whether generally or by a particular person), and (b) a requirement for consent (by any name). (5) Property transfer regulations may provide for a transfer to be conditional upon a specified event or situation— (a) occurring or arising, or (b) not occurring or arising. (6) Property transfer regulations may include provision dealing with the consequences of breach of a condition imposed under subsection (5); and the consequences may include— (a) automatic vesting in the transferor; (b) an obligation to effect a transfer back to the transferor, with specified consequences for failure to comply (which may include provision conferring a discretion on a court or tribunal); (c) provision making a transfer or anything done in connection with a transfer void or voidable. (7) Where property transfer regulations make provision in respect of property held on trust (however arising) they may also make provision about— (a) the terms on which the property is to be held after the regulations take effect, and (b) how any powers, provisions and liabilities in respect of the property are to be exercisable or have effect after the regulations take effect. (8) Provision under subsection (7)(a) may remove or alter the terms of the trust on which the property is held only to the extent that the Secretary of State thinks it necessary or expedient for the purpose of transferring— (a) the legal or beneficial interest of the transferor in the property; (b) any powers, rights or obligations of the transferor in respect of the property. (9) Property transfer regulations may provide for a transfer to take effect free from any trust, liability or other encumbrance (and may include provision about their extinguishment). (10) In subsection (8), references to the transferor are references to the transferor under the property transfer regulations.
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