s 35 Continuity obligations: onward property transfers
(1) In this section — (a) “ onward transfer ” means a transfer of property, rights or liabilities (whether or not under a power in this Part ) from— (i) a person who is a transferee under property transfer regulations under section 15 (an “original transferee”), or (ii) a steel undertaking, securities issued by which were earlier transferred by share transfer regulations under section 4 , and (b) the person to whom the onward transfer is made is referred to as an “ onward transferee ”. (2) The Secretary of State may— (a) provide for an obligation under section 33 to apply in respect of an onward transferee; (b) extend section 34 so as to permit action to be taken under section 34 (1) ) for the purpose of enabling an onward transferee to operate transferred business, or part of it, effectively. (3) Subsection (2) may be relied on to impose obligations on one or more of the following— (a) an original transferee (where the original transfer was a property transfer), (b) a residual steel undertaking within the meaning of section 33 (where the original transfer was a property transfer), (c) the steel undertaking (where the original transfer was a share transfer), (d) anything which is or was a group undertaking (within the meaning of section 1161 (5) of the Companies Act 2006 ) of anything within paragraphs (a) to (c) . (4) Subsection (2) may be used to impose obligations— (a) in addition to obligations under or by virtue of section 33 or 34 , 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 33 (4) to (9) and 34 (2) and (3) apply to an obligation as applied under subsection (2) — (a) reading any reference to transferred business as if it were a reference to the business transferred by means of the onward transfer, and (b) with any other necessary modification.