Document ID: chunk:federal_register_of_legislation:C2006A00131:clause:1_81a:p2
Version: federal_register_of_legislation:C2006A00131
Segment Type: clause
Provision Reference: sch 1 cl 81A (pt 2/2)
Character Range: 12182–14201

the contravention referred to in paragraph (1)(d), then the Court may, on the application of the Commission, by order, declare that the acquisition, in so far as it relates to those shares or assets, is void as from the day on which it occurred.

 (5) If the Court makes an order under subsection (4), then:
 (a) the shares or assets to which the declaration relates are taken not to have been disposed of by the vendor; and
 (b) the vendor must refund to the acquirer any amount paid to the vendor for acquiring the shares or assets.

 (6) However, the Court must not make an order under subsection (4) if:
 (a) the acquirer was granted, under Division 3 of Part VII, both a clearance and an authorisation for the acquisition; and
 (b) the matters in subsections (1) and (4) are not satisfied in relation to both the clearance and the authorisation.

Alternative to orders under subsections (2) and (4)

 (7) If an application is made to the Court for an order under subsection (2) or (4) against a person, the Court may, instead of making an order of the kind mentioned in that subsection, accept, upon such conditions (if any) as the Court thinks fit, an undertaking by the person to dispose of other shares or assets owned by the person.

When application for orders under this section must be made

 (8) An application under subsection (2) or (4) may be made at any time within 3 years after the day on which the acquisition occurred.

Court may make orders even if not satisfied of all matters

 (9) If an application for an order under subsection (2) or (4) is made, the Court may, if the Court determines it to be appropriate, make an order by consent of all the parties to the proceedings, whether or not the Court is satisfied of:
 (a) for an order under subsection (2)—the matters in subsection (1); and
 (b) for an order under subsection (4)—the matters in subsections (1) and (4).

Note: The heading to section 81 is altered by inserting "where merger contravenes section 50 or 50A" after "Divestiture".