Steel Industry (Nationalisation) Act 2026
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Change 1
6 Effect of share transfer
(1) In this section, “transfer” means a transfer provided for by share 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) Share 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). (6) Share transfer regulations may extinguish rights to acquire securities falling within Class 1 or 2 (see section 5).
6 Effect of share transfer
(1) In this section, “transfer” means a transfer provided for by share 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) Share 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). (6) Share transfer regulations may extinguish rights to acquire securities falling within Class 1 or 2 (see section 5).
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