Document ID: chunk:federal_register_of_legislation:C2004A02490:body:0:p29
Version: federal_register_of_legislation:C2004A02490
Segment Type: other
Provision Reference: 
Character Range: 71438–74093

metropolitan commercial broadcasting station; or
     (b) a licence for a commercial television station, other than a licence referred to in paragraph 92 (1) (c).
"(4) This sub-section applies in relation to a person, in relation to a transaction, if—
     (a) the person is a prescribed party, within the meaning of section 90j, to the transaction;
     (b) as a result of the transaction, the person will become, or has become, as the case requires, the legal owner of shares in—
          (i) the company holding the licence to which the transaction relates (in this sub-section referred to as the 'licensee'); or
          (ii) another company that is the legal owner of shares in the licensee and is, by reason only of that shareholding, deemed, by virtue of sub-section 90e (1), to be in a position to exercise control of the licensee; and
     (c) by reason only of his being the holder of the first-mentioned shares, together with any other shares in the licensee or in that other company of which he is the legal owner, the person will be, or is, as the case

      requires, deemed, by virtue of sub-section 90e (1), to be in a position to exercise control of the licensee or of that other company.
"(5) Where the Tribunal grants approval in relation to a transaction under sub-section (1) or sub-paragraph (2) (f) (i) in pursuance of an application lodged in accordance with paragraph 90j (3) (b), the approval may be made subject to the condition that, if the transaction does not take place before a specified date, the approval ceases to have effect on that date.
"(6) The Tribunal shall not refuse to approve a transaction either in whole or in part unless it has, in accordance with this section, held an inquiry into such matters as are determined by the Tribunal to be relevant to the transaction.
"(7) Where—
     (a) an inquiry is required by sub-section (6) to be held in relation to a transaction in pursuance of an application lodged in accordance with paragraph 90j (3) (b) or sub-section 90j (7a) by a person who is a prescribed party, within the meaning of section 90j, to the transaction; and
     (b) the person included in the application a request that any inquiry in relation to the transaction shall commence within 3 months after the lodgment of the application,
the Tribunal shall take all reasonable steps to commence the inquiry within that period and to complete the inquiry within 3 months thereafter, but, if the Tribunal does not so commence the inquiry within the first-mentioned period, the Tribunal shall, at the expiration of that period, be deemed to approve the transaction in so far as it affects the person.