New Zealand Acts

COMMERCE ACT 1986 - SECT 67

67 Commission may grant authorisations for business acquisitions

1 A person who proposes to acquire assets of a business or shares may give the Commission a notice seeking an authorisation for the acquisition.

2 Subsections (1), (2)(a) and (b), (4), and (5) of section 60 shall apply in respect of every notice given under subsection (1) as if the notice was an application under section 58 .

3 Within 60 working days after the date of registration of the notice, or such longer period as the Commission and the person who gave the notice agree, the Commission shall—

a) if it is satisfied that the acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market, by notice in writing to the person by or on whose behalf the notice was given, give a clearance for the acquisition; or

b) if it is satisfied that the acquisition will result, or will be likely to result, in such a benefit to the public that it should be permitted, by notice in writing to the person by or on whose behalf the notice was given, grant an authorisation for the acquisition; or

c) if it is not satisfied as to the matters referred to in paragraph (a) or paragraph (b), by notice in writing to the person by or on whose behalf the notice was given, decline to give a clearance or grant an authorisation for the acquisition.

4 If the period specified in subsection (3) expires without the Commission having given a clearance or having granted an authorisation or having declined to do so, the Commission shall be deemed to have declined to give a clearance or grant an authorisation.

5 The Commission shall state in writing its reasons for a determination made by it under subsection (3).

6 A clearance given or an authorisation granted under subsection (3) expires—

a) 12 months after the date on which it was given or granted; or

b) in the event of an appeal being made against the determination of the Commission giving the clearance or granting the authorisation, and the determination of the Commission being confirmed by the court, 12 months after the date on which the determination is confirmed.

History: Section 67: substituted, on 1 January 1991, by section 23 of the Commerce Amendment Act 1990 (1990 No 41).   Section 67(3)(a): amended, on 15 December 2005, by section 4 of the Commerce Amendment Act (No 2) 2005 (2005 No 95).     Section 67(3)(a): amended, on 26 May 2001, by section 11(2) of the Commerce Amendment Act 2001 (2001 No 32).