Steel Industry (Nationalisation) Act 2026
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Change 1
38 Continuity obligations: onward share transfers
(1) In this section, “onward transfer” means a transfer (whether or not under a power in this Part) of securities issued by a steel undertaking where— (a) securities issued by the steel undertaking were earlier transferred by share transfer regulations under section 4, or (b) the steel undertaking was the transferee under property transfer regulations under section 15. (2) The Secretary of State may— (a) provide for an obligation under section 36 to apply in respect of the steel undertaking after the onward transfer; (b) extend section 37 so as to permit action to be taken under section 37(1) to enable the steel undertaking to operate effectively after the onward transfer. (3) Subsection (2) may be relied on to impose obligations on— (a) the steel undertaking, (b) anything which is or was a group undertaking (within the meaning of section 1161(5) of the Companies Act 2006) of the steel undertaking, (c) anything which is or was a group undertaking of the residual steel undertaking (in a case to which subsection (1)(b) applies), or (d) any combination. (4) Subsection (2) may be used to impose obligations— (a) in addition to obligations under or by virtue of section 36 or 37, or (b) replacing obligations under or by virtue of either of those sections to a specified extent. (5) A power under subsection (2) is exercisable by giving a notice to each person— (a) on whom an obligation is to be imposed under the power, or (b) who is expected to benefit from an obligation under the power. (6) Sections 36(4) to (9) and 37(2) and (3) apply to an obligation as applied under subsection (2) with any necessary modification.
38 Continuity obligations: onward share transfers
(1) In this section, “onward transfer” means a transfer (whether or not under a power in this Part) of securities issued by a steel undertaking where— (a) securities issued by the steel undertaking were earlier transferred by share transfer regulations under section 4, or (b) the steel undertaking was the transferee under property transfer regulations under section 15. (2) The Secretary of State may— (a) provide for an obligation under section 36 to apply in respect of the steel undertaking after the onward transfer; (b) extend section 37 so as to permit action to be taken under section 37(1) to enable the steel undertaking to operate effectively after the onward transfer. (3) Subsection (2) may be relied on to impose obligations on— (a) the steel undertaking, (b) anything which is or was a group undertaking (within the meaning of section 1161(5) of the Companies Act 2006) of the steel undertaking, (c) anything which is or was a group undertaking of the residual steel undertaking (in a case to which subsection (1)(b) applies), or (d) any combination. (4) Subsection (2) may be used to impose obligations— (a) in addition to obligations under or by virtue of section 36 or 37, or (b) replacing obligations under or by virtue of either of those sections to a specified extent. (5) A power under subsection (2) is exercisable by giving a notice to each person— (a) on whom an obligation is to be imposed under the power, or (b) who is expected to benefit from an obligation under the power. (6) Sections 36(4) to (9) and 37(2) and (3) apply to an obligation as applied under subsection (2) with any necessary modification.
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