Commonwealth Numbered Acts

TRADE PRACTICES REVISION ACT 1986 No. 17 of 1986 - SECT 51

51. (1) Section 81 of the Principal Act is amended by adding at the end the
following sub-section:

"(3) Where an application for directions under sub-section (1) or for a
declaration under sub-section (1A) has been made, whether before or after the
commencement of this sub-section, the Court may, if the Court determines it to
be appropriate, give directions or make a declaration by consent of all the
parties to the proceedings, whether or not the Court has made the findings
referred to in sub-sections (1) and (1A).".

(2) Section 81 of the Principal Act is amended-
(a) by omitting from sub-section (1) "corporation" (wherever occurring) and
substituting "person";

   (b)  by inserting after sub-section (1) the following sub-sections:

"(1A) Where-

   (a)  the Court finds, in a proceeding instituted under this Part, that a
        person (in this sub-section referred to as the 'acquirer') has
        acquired shares in the capital, or any assets, of a body corporate in
        contravention of section 50;

   (b)  the Court finds, whether in that proceeding or any other proceeding
        instituted under this Part, that the person (in this section referred
        to as the 'vendor') from whom the acquirer acquired those shares or
        those assets, as the case may be, was involved in the contravention;
        and

   (c)  at the time when the finding referred to in paragraph (b) is made, any
        of those shares or those assets, as the case may be, are vested in the
        acquirer or, if the acquirer is a body corporate, in any body
        corporate that is related to the acquirer,
the Court may, on the application of the Minister or the Commission, declare
that the acquisition, in so far as it relates to the shares or assets referred
to in paragraph (c), is void as from the day on which it took place and, where
the Court makes such a declaration-

   (d)  the shares or the assets to which the declaration relates shall be
        deemed not to have been disposed of by the vendor; and

   (e)  the vendor shall refund to the acquirer any amount paid to the vendor
        in respect of the acquisition of the shares or assets to which the
        declaration relates.

"(1B) Where a declaration has been made under sub-section 50A (1) in relation
to the obtaining of a controlling interest in a corporation, or in each of 2
or more corporations, the Court may, on the application of the Minister or the
Commission, if it finds, or has in a proceeding instituted under section 80
found, that that corporation, or any of those corporations, as the case may be
(in this sub-section referred to as the 'relevant corporation'), has
contravened sub-section 50A (6), by order, for the purpose of ensuring that
the obtaining of that controlling interest ceases to have the result referred
to in paragraph 50A (1) (a) or (b), direct the relevant corporation to dispose
of such of its assets as are specified in the order within such period as is
so specified.

"(1C) Where an application is made to the Court for an order under sub-section
(1) or a declaration under sub-section (1A), the Court may, instead of making
an order under sub-section (1) for the purpose of securing the disposal by a
person of shares or assets or an order under sub-section (1A) that the
acquisition by a person of shares or assets is void, accept, upon such
conditions (if any) as the Court thinks fit, an undertaking by the person to
dispose of other shares or assets owned by the person."; and
(c) by inserting in sub-section (2) ",(1A) or (1B)" after "sub-section (1)".