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TRADE PRACTICES (TRANSFER OF MARKET DOMINANCE) AMENDMENT BILL 1986

The Senate, according to Order, resolved itself into Committee for the further consideration of the Bill.

In the Committee

Consideration resumed of the Bill and of the amendments moved thereto by Senator Siddons, viz:

Page 2, clause 3, proposed new sub-section 50 (2c), at end of proposed sub-section, add ""provided that nothing in this sub-section shall apply to-

(c) any acquisition of shares in the capital or assets of a body corporate within 12 months after the day on which the Trade Practices (Transfer of Market Dominance) Amendment Act 1986 received the Royal Assent-

(i) by any person pursuant to a take-over scheme or a take-over announcement within the meaning of the Companies (Acquisition of Shares) Act 1980 or a corresponding law of a State or Territory in respect of which any document or a copy of a document has been registered by, or lodged with, the National Companies and Securities Commission prior to that day, or

(ii) in the circumstances referred to in sub-paragraph (i) by any person who is an associate of, or associated with, any such person within the meaning of that Act or such corresponding law of a State or Territory; or

(d) any acquisition by a person of any shares in the capital, or any assets, of a body corporate where the Commission is satisfied that in all the circumstances the acquisition has resulted or may result in a detriment to the public and the Commission has within 21 days of the Commission becoming aware of the acquisition given to the person a notice stating that the Commission is so satisfied.''.

Page 2, after clause 3, add the following new clause:

""4. Section 90 of the Principal Act is amended by adding after sub-section (9) the following sub-section:

"(9a) Where an application for an authorization is made in respect of a proposed acquisition of shares in the capital or assets of a body corporate, and sub-section 50 (2c) is not applicable to that proposed acquisition by reason of paragraph (d) of that sub-section, the Commission shall make a determination granting an authorization under sub-section 88 (9) in respect of the proposed acquisition where it is satisfied that in all the circumstances the proposed acquisition would not result in or be likely to result in such a detriment to the public that the proposed acquisition should not be allowed to take place.'.''.

Senator Siddons, by leave, amended his amendments to read as follows:

Page 2, clause 3, proposed new sub-section 50 (2c), at end of proposed sub-section, add "", provided that nothing in this sub-section shall apply to-

(c) any acquisition of shares in the capital, or any assets, of a body corporate within 12 months after the day on which the Trade Practices (Transfer of Market Dominance) Amendment Act 1986 received the Royal Assent-

(i) by any person pursuant to a take-over scheme or a take-over announcement within the meaning of the Companies (Acquisition of Shares) Act 1980 or a corresponding law of a State or Territory in respect of which any document or a copy of a document has been registered by, or lodged with, the National Companies and Securities Commission prior to that day,

(ii) by any person pursuant to such a take-over scheme or take-over announcement which is the same in substance as a take-over scheme or take-over announcement referred to in sub-paragraph (i), or

(iii) in the circumstances referred to in sub-paragraphs (i) and (ii) by any person who is an associate of, or associated with, any such person within the meaning of that Act or such corresponding law of a State or Territory; or

(d) any acquisition by a person of any shares in the capital, or any assets, of a body corporate where the Commission is satisfied that in all the circumstances the acquisition has resulted or may result in a detriment to the public and the Commission has within 21 days of the Commission becoming aware of the acquisition given to the person a notice stating that the Commission is so satisfied.''.

Page 2, after clause 3, add the following new clause:

""4. Section 90 of the Principal Act is amended by adding after sub-section (9) the following sub-section:

"(9a) Where an application for an authorization is made in respect of a proposed acquisition of shares in the capital or assets of a body corporate, and sub-section 50 (2c) is not applicable to that proposed acquisition by reason of paragraph (d) of that sub-section, the Commission shall make a determination granting an authorization under sub-section 88 (9) in respect of the proposed acquisition if, and only if, it is satisfied that in all the circumstances the proposed acquisition would not result in or be likely to result in such a detriment to the public that the proposed acquisition should not be allowed to take place.'.''.

Debate ensued.

Question-That the amendments be agreed to-put and negatived.

Pursuant to Sessional Order, consideration of the Bill was interrupted.

And it being 2 p.m., the Senate having resumed-