Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p8
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 20170–22805

an order under section 45, 46, 47, 48, 57 or 60 if it is satisfied that the order would unfairly prejudice any person."; and
     (b) by omitting sub-sections (6) and (6a) and substituting the following sub-section:
     "(6) Where a share or an interest in a share vests in the Commission by virtue of an order under section 45, 46, 47 or 60 or of a direction under sub-section (5) of this section—
          (a) the Commission may, subject to any directions of the Court, get in, sell or otherwise dispose of, or deal with, the share or interest as it sees fit;
          (b) the provisions of section 462 of the Companies Act 1981 (other than sub-section 462 (1) of that Act) apply in relation to the share or interest as if—
              (i) a reference in those provisions to the power of the Commission under sub-section 462 (1) of that Act, or to

               the power conferred upon the Commission by sub-section 462 (1) of that Act, were a reference to the power conferred on the Commission by paragraph (a) of this sub-section;
              (ii) a reference in those provisions to property, or to an estate or interest in property, were a reference to the share or interest; and
              (iii) the reference in sub-section 462 (4) of that Act to any power conferred on the Commission by Subdivision F of Division 4 of Part XII of that Act included a reference to the power conferred on the Commission by paragraph (a) of this sub-section; and
          (c) sections 463 and 464 of that Act apply in relation to the share or interest in like manner as they apply in relation to property vested in the Commission by Subdivision F of Division 4 of Part XII of that Act.".

Power to exempt from compliance with Act
15. Section 57 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-section:
"(2) The Commission shall cause a copy of an instrument executed under sub-section (1) to be published in the Gazette, but failure of the Commission to do so does not affect the validity of the instrument.".

Power to declare that Act applies as if modified
16. Section 58 of the Principal Act is amended by omitting sub-section (2) and substituting the following sub-section:
"(2) The Commission shall cause a copy of an instrument executed under sub-section (1) to be published in the Gazette, but failure of the Commission to do so does not affect the validity of the instrument.".

17. Section 60 of the Principal Act is repealed and the following section is substituted:

Power of Commission to declare acquisition of shares or other conduct to be unacceptable
"60. (1) Where the