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This is a Bill, not an Act. For current law, see the Acts databases.
TRADE PRACTICES AMENDMENT (MATERIAL LESSENING OF COMPETITION-RICHMOND AMENDMENT) BILL 2009
2008-2009
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Trade Practices Amendment (Material
Lessening of Competition--Richmond
Amendment) Bill 2009
No. , 2009
(Senator Xenophon)
A Bill for an Act to amend the Trade Practices Act
1974 in relation to mergers and acquisitions, and
for related purposes
i Trade Practices Amendment (Material Lessening of Competition--Richmond Amendment)
Bill 2009 No. , 2009
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendment of the Trade Practices Act 1974
3
Trade Practices Amendment (Material Lessening of Competition--Richmond Amendment) Bill
2009 No. , 2009 1
A Bill for an Act to amend the Trade Practices Act
1
1974 in relation to mergers and acquisitions, and
2
for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Trade Practices Amendment
6
(Material Lessening of Competition--Richmond Amendment) Act
7
2009.
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2 Commencement
9
This Act commences on the day on which it receives the Royal
10
Assent.
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2 Trade Practices Amendment (Material Lessening of Competition--Richmond
Amendment) Bill 2009 No. , 2009
3 Schedule(s)
1
Each Act that is specified in a Schedule to this Act is amended or
2
repealed as set out in the applicable items in the Schedule
3
concerned, and any other item in a Schedule to this Act has effect
4
according to its terms.
5
6
Amendment of the Trade Practices Act 1974 Schedule 1
Trade Practices Amendment (Material Lessening of Competition--Richmond Amendment) Bill
2009 No. , 2009 3
Schedule 1--Amendment of the Trade
1
Practices Act 1974
2
1 Subsection 50(1)
3
Repeal the subsection (but not the note), substitute:
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(1) A corporation must not directly or indirectly:
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(a) acquire shares in the capital of a body corporate; or
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(b) acquire any assets of a person;
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if the acquisition would have the effect, or be likely to have the
8
effect, of materially lessening competition in a market.
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2 After subsection 50(1)
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Insert:
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(1A) A corporation that has a substantial share of a market must not
12
directly or indirectly:
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(a) acquire shares in the capital of a body corporate; or
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(b) acquire any assets of a person;
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if the acquisition would have the effect, or be likely to have the
16
effect, of lessening competition in a market.
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