TRADE PRACTICES ACT 1974 No. 51, 1974 - SECT 94 Clearance of mergers.

TRADE PRACTICES ACT 1974 No. 51, 1974 - SECT 94

94. (1) A corporation that proposes to acquire shares in the capital, or
assets, of a body corporate the acquisition of which by the corporation may be
in contravention of section 50 may give notice, as prescribed, of the proposed
acquisition to the Commission.

(2) Where a corporation so gives notice to the Commission, the Commission may,
within 30 days after receiving the notice, give notice in writing to the
corporation stating whether or not the Commission considers that the proposed
acquisition would be likely to have the effect of substantially lessening
competition in a market for goods or services.

(3) Where a corporation has given a notice to the Commission under sub-section
(1) and-

   (a)  the Commission gives notice to the corporation in accordance with
        sub-section (2) stating that the Commission considers that the
        proposed acquisition would not be likely to have the effect of
        substantially lessening competition in a market for goods or services;
        or

   (b)  the Commission does not, within 30 days after receiving the notice,
        give a notice to the corporation in accordance with sub-section (2) in
        relation to the proposed acquisition, the acquisition of the shares or
        assets by the corporation shall, for the purposes of this Act, be
        deemed not to have the effect of substantially lessening competition
        in a market for goods or services.