Document ID: chunk:federal_register_of_legislation:C2025C00189:section:50a:p2
Version: federal_register_of_legislation:C2025C00189
Segment Type: section
Provision Reference: s 50A (pt 2/3)
Character Range: 480722–483123

application.
 (3) An application under subsection (1) may be made at any time within 12 months after the date of the acquisition referred to in that subsection in relation to which the application is made.
 (4) The Tribunal may, on the application of the Minister, the Commission or any other person, or of its own motion, revoke a declaration made under subsection (1).
 (5) The Tribunal shall state in writing its reasons for making, refusing to make or revoking a declaration under subsection (1).
 (6) After the end of 6 months after a declaration is made under subsection (1) in relation to the obtaining of a controlling interest in a corporation or 2 or more corporations by a person or, if the person, before the end of that period of 6 months, makes an application to a presidential member for an extension of that period, after the end of such further period (not exceeding 6 months) as the presidential member allows, the corporation or each of the corporations, as the case may be, shall not, while the declaration remains in force, carry on business in the market to which the declaration relates.
 (7) Subsection (1) does not apply in relation to an acquisition referred to in that subsection if section 50 applies in relation to that acquisition.
 (8) For the purposes of this section:
 (a) a person shall be taken to hold a controlling interest in a body corporate if the body corporate is, or, if the person were a body corporate, would be, a subsidiary of the person (otherwise than by reason of the application of paragraph 4A(1)(b)); and
 (b) where a person holds a controlling interest (including a controlling interest held by virtue of another application or other applications of this paragraph) in a body corporate and that body corporate:
 (i) controls the composition of the board of directors of another body corporate;
 (ii) is in a position to cast, or control the casting of, any votes that might be cast at a general meeting of another body corporate; or
 (iii) holds shares in the capital of another body corporate;
  the person shall be deemed (but not to the exclusion of any other person) to control the composition of that board, to be in a position to cast, or control the casting of, those votes or to hold those shares, as the case may be.
 (9) In this section:
market means a substantial market for goods or services in Australia, in a State or in a Territory.