New Zealand Acts

COMMERCE ACT 1986 - SECT 68

68 Provisions applying to applications for clearances and authorisations for business acquisitions

1 Every person who gives a notice under section 66 or section 67 shall from time to time produce or, as the case may be, furnish to the Commission, within such time as it may specify, such documents and information in relation to the acquisition as may be required by the Commission for the purpose of enabling it to exercise its functions under this section or section 66 or section 67 .

2 Notwithstanding section 66 or section 67 , where the Commission is of the opinion that a proposed acquisition is, for reasons other than arising from the application of any provision of this Act, unlikely to be proceeded with, the Commission may, in its discretion, decline to give a clearance or grant an authorisation for that acquisition under this section.

3 The Commission shall state in writing its reasons for declining to give a clearance or grant an authorisation under subsection (2).

4 A person who has given a notice in respect of an acquisition under section 66 or section 67 may at any time, by notice in writing to the Commission, advise the Commission that it does not wish the Commission to give a clearance or grant an authorisation and the Commission shall accordingly not give a clearance or grant an authorisation in respect of that acquisition.

5 The Commission may consult with any person who, in the opinion of the Commission, is able to assist it in making a determination under section 66 or section 67 , as the case may be.

History: Section 68: substituted, on 1 January 1991, by section 23 of the Commerce Amendment Act 1990 (1990 No 41).