Commonwealth Numbered Acts

TRADE PRACTICES REVISION ACT 1986 No. 17 of 1986 - SECT 57

57. Section 88 of the Principal Act is amended-

   (a)  by omitting sub-section (9) and substituting the following
        sub-section:

"(9) Subject to this Part, the Commission may, upon application by a person-

   (a)  grant an authorisation to the person to acquire shares in the capital,
        or to acquire assets, of a body corporate; or

   (b)  grant an authorisation to the person to acquire a controlling interest
        in a body corporate within the meaning of section 50A,
and, while such an authorisation remains in force-

   (c)  in the case of an authorisation under paragraph (a)-section 50 does
        not prevent the person from acquiring shares in the capital, or from
        acquiring assets, of the body corporate in accordance with the
        authorisation; or

   (d)  in the case of an authorisation under paragraph (b)-section 50A does
        not, to the extent specified in the authorisation, apply in relation
        to the acquisition of that controlling interest."; and

   (b)  by omitting sub-section (16) and substituting the following
        sub-section:

"(16) A corporation that has made an application to the Commission for an
authorisation, or a person other than a corporation who has made an
application to the Commission for an authorisation under sub-section (9), may
at any time, by notice in writing to the Commission, withdraw the
application.".