Commonwealth Numbered Acts

TRADE PRACTICES ACT 1974 No. 51, 1974 - SECT 92

92. (1) A corporation that is a party to, or proposes to make, a contract or
arrangement, or is a party to, or proposes to enter into, an understanding,
that may be in restraint of trade or commerce, may give notice, as prescribed,
of the contract, arrangement or understanding, or of the proposed contract,
arrangement or understanding, to the Commission.

(2) Where a corporation so gives notice to the Commission, the Commission may
at any time give notice in writing to the corporation stating that the
Commission considers that any restraint of trade or commerce that results from
the contract, arrangement or understanding or would result from the proposed
contract, arrangement or understanding, does not have and is not likely to
have, or would not have and would not be likely to have, a significant effect
on competition, and, if the Commission gives such a notice, the contract,
arrangement or understanding shall be deemed not to be in restraint of trade
or commerce for the purposes of this Act.

(3) If, at any time after the Commission has given a notice under sub-section
(2) to a corporation in relation to a contract, arrangement or understanding,
or a proposed contract, arrangement or understanding, the Commission is
satisfied that the notice was given on the basis of information that was false
or misleading in a material particular or that there has been a material
change of circumstances since the notice was given, the Commission may revoke
the notice and, in that case, sub- section (2) ceases to operate, after the
expiration of 30 days (or such longer period as the Commission by writing
permits) after notice in writing of the revocation has been served on the
corporation, to deem the contract, arrangement or understanding not to be in
restraint of trade or commerce for the purposes of this Act.