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
Contents
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 1
3............ Schedule(s).......................................................................................... 2
Schedule 1—Amendment of the Trade Practices Act 1974 3
A Bill for an Act to amend the Trade Practices Act 1974 in relation to mergers and acquisitions, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Trade Practices Amendment (Material Lessening of Competition—Richmond Amendment) Act 2009.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendment of the Trade Practices Act 1974
1 Subsection 50(1)
Repeal the subsection (but not the note), substitute:
(1) A corporation must not directly or indirectly:
(a) acquire shares in the capital of a body corporate; or
(b) acquire any assets of a person;
if the acquisition would have the effect, or be likely to have the effect, of materially lessening competition in a market.
2 After subsection 50(1)
Insert:
(1A) A corporation that has a substantial share of a market must not directly or indirectly:
(a) acquire shares in the capital of a body corporate; or
(b) acquire any assets of a person;
if the acquisition would have the effect, or be likely to have the effect, of lessening competition in a market.