Commonwealth Numbered Acts

TRADE PRACTICES ACT 1974 No. 51, 1974 - SECT 50

50. (1) A corporation shall not acquire, directly or indirectly, any shares in
the capital, or any assets, of a body corporate where the acquisition is
likely to have the effect of substantially lessening competition in a market
for goods or services.

(2) This section does not apply to an acquisition of assets of a body
corporate in the ordinary course of business.

(3) Where-

   (a)  a corporation has entered into a contract to acquire shares in the
        capital, or assets, of a body corporate;

   (b)  the contract is subject to a condition that the contract will not come
        into force unless and until-

        (i)    the corporation is granted an authorization to acquire the
               shares or assets; or

        (ii)   sub-section 94 (3) applies in relation to the acquisition of
               the shares or assets; and

   (c)  the corporation applied for the grant of such an authorization, or
        gave a notice of the proposed acquisition to the Commission under
        sub-section 94 (1), before the expiration of 7 days after the contract
        was entered into or the expiration of 14 days after the
        commencing date, whichever was the later, an aquisition of the shares
        or assets shall not be regarded for the purposes of this Act as having
        taken place in pursuance of the contract before-

   (d)  in a case where the corporation applied for the grant of an
        authorization-the application for the authorization is disposed of;

   (e)  in a case where the corporation gave a notice to the Commission under
        sub-section 94 (1)-

        (i)    the Commission gives notice to the corporation as mentioned in
               paragraph 94 (3) (a); or

        (ii)   a period of 30 days elapses after the corporation gave the
               notice to the Commission; or

   (f)  the contract ceases to be subject to the condition, whichever first
        happens.

(4) For the purposes of sub-section (3), an application for an authorization
shall be taken to be disposed of-

   (a)  in a case to which paragraph (b) of this sub-section does not apply-at
        the expiration of 14 days after the period in which an application may
        be made to the Tribunal for a review of the determination by the
        Commission of the application for the authorization; or

   (b)  if an application is made to the Tribunal for a review of the
        determination by the Commission of the application for the
        authorization-at the expiration of 14 days after the date of the
        making by the Tribunal of a determination on the review.