(1) In this section "onward transfer" means a transfer (whether or not under a power in this Part) of securities issued by a bank where -
(a) securities issued by the bank were earlier transferred by a share transfer instrument under section 12(2), a resolution instrument under section 12A(2) or supplemental resolution instrument under section 48U(2) or a share transfer order under section 13(2), or
(b) the bank was the transferee under a property transfer instrument under section 12(2).
(2) The continuity authority may -
(a) provide for an obligation under section 66 to apply in respect of the bank after the onward transfer;
(b) extend section 67 so as to permit action to be taken under section 67(2) to enable the bank to operate effectively after the onward transfer.
(3) In this section "continuity authority" has the same meaning as in sections 66 and 67.
(4) Subsection (2) may be relied on to impose obligations on -
(b) anything which is or was a group undertaking (wit
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