Steel Industry (Nationalisation) Act 2026
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Change 1
37 Special continuity obligations: share transfers
(1) The Secretary of State may— (a) cancel a contract or other arrangement between the transferred steel undertaking and a third party; (b) modify the terms of a contract or other arrangement between the transferred steel undertaking and a third party; (c) confer and impose rights and obligations on a former group company and the transferred steel undertaking, which are to have effect as if created by contract between them. (2) In modifying or setting terms under subsection (1) the Secretary of State must aim, so far as is reasonably practicable, to preserve or include— (a) provision for reasonable consideration, and (b) any other provision that would be expected in arrangements concluded between parties dealing at arm's length. (3) The power under subsection (1) must be exercised by way of provision in share transfer regulations (or supplemental share transfer regulations). (4) The power in subsection (1)(c) may be exercised only in so far as the Secretary of State thinks it necessary to do so to ensure the provision of such services and facilities as are required to enable the transferred steel undertaking to operate effectively. (5) An obligation imposed on the transferred steel undertaking or a former group company under subsection (1)(b) or (c) continues to apply despite the transferred steel undertaking or former group company entering insolvency, and may not be disclaimed by a liquidator under section 178(2) of the Insolvency Act 1986 or Article 152(1) of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)). (6) For the purposes of subsection (1), “third party” includes a former group company.
37 Special continuity obligations: share transfers
(1) The Secretary of State may— (a) cancel a contract or other arrangement between the transferred steel undertaking and a third party; (b) modify the terms of a contract or other arrangement between the transferred steel undertaking and a third party; (c) confer and impose rights and obligations on a former group company and the transferred steel undertaking, which are to have effect as if created by contract between them. (2) In modifying or setting terms under subsection (1) the Secretary of State must aim, so far as is reasonably practicable, to preserve or include— (a) provision for reasonable consideration, and (b) any other provision that would be expected in arrangements concluded between parties dealing at arm's length. (3) The power under subsection (1) must be exercised by way of provision in share transfer regulations (or supplemental share transfer regulations). (4) The power in subsection (1)(c) may be exercised only in so far as the Secretary of State thinks it necessary to do so to ensure the provision of such services and facilities as are required to enable the transferred steel undertaking to operate effectively. (5) An obligation imposed on the transferred steel undertaking or a former group company under subsection (1)(b) or (c) continues to apply despite the transferred steel undertaking or former group company entering insolvency, and may not be disclaimed by a liquidator under section 178(2) of the Insolvency Act 1986 or Article 152(1) of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)). (6) For the purposes of subsection (1), “third party” includes a former group company.
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