Commonwealth Consolidated Acts

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Tribunal may grant authorisation for a merger

             (1)  The Tribunal may grant an authorisation to a person:

                     (a)  to acquire shares in the capital of a body corporate; or

                     (b)  to acquire assets of another person.

Note 1:       Section 95AZH prohibits the Tribunal from granting an authorisation for an acquisition unless the Tribunal is satisfied the acquisition would result, or be likely to result, in such a benefit to the public that the acquisition should be allowed to take place.

Note 2:       Division 2 of Part IX contains provisions about procedure and evidence that relate to proceedings before the Tribunal.

             (2)  If the Tribunal does so, then section 50 does not prevent the person from acquiring the shares or assets in accordance with the authorisation.

Note:          The acquisition will only be protected from the operation of section 50 if it takes place in accordance with the authorisation. If it does not, then section 50 will apply to the acquisition. If the acquisition contravenes section 50, then the remedies in Part VI will apply (see, for example, penalties under section 76 and divestiture under section 81).

             (3)  Without limiting subsection (2), an acquisition will not be in accordance with an authorisation if any conditions of the authorisation are not complied with (whether the conditions are to be complied with before, during or after the acquisition).

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