COMPETITION AND CONSUMER ACT 2010 - SECT 10.49 Undertakings by parties to registered conference agreement

COMPETITION AND CONSUMER ACT 2010 - SECT 10.49

  (1)   The parties to a registered conference agreement may, at any time, offer to give an undertaking to do, or not to do, a specified act or thing.

  (2)   The offer must be:

  (a)   in the appropriate prescribed form; and

  (b)   made to the Minister in accordance with the regulations.

  (3)   If the Minister accepts the offer, the Minister may do one or more of the following:

  (a)   revoke any reference made to the Commission under section   10.47 in relation to the agreement;

  (b)   direct the Commission, in writing, to cease holding any investigation being held by it under section   10.48 in relation to the agreement;

  (c)   revoke any direction given under subsection   10.44(1) in relation to the agreement.

  (4)   If the Minister accepts the offer, the parties shall be taken to have given the undertaking, and the Registrar shall immediately register the undertaking by entering particulars of it in the register of conference agreements.

  (5)   If the Minister revokes a direction given under subsection   10.44(1), the Registrar shall immediately include in the register a notation to the effect that the direction has been revoked.

  (6)   On the inclusion of the notation, Subdivision A of Division   5 applies in relation to the agreement to the extent to which it would have applied but for the entry of the particulars of the direction.