New Zealand Acts

COMMERCE AMENDMENT ACT 2001 - SECT 11

11 New section 47 substituted

1 The principal Act is amended by repealing section 47 , and substituting the following section:

47 Certain acquisitions prohibited

1 A person must not acquire assets of a business or shares if the acquisition would have, or would be likely to have, the effect of substantially lessening competition in a market.

2 For the purposes of this section, a reference to a person includes 2 or more persons that are interconnected or associated.

3 For the purposes of this section, a person is associated with another person if that person is able, whether directly or indirectly, to exert a substantial degree of influence over the activities of the other.

4 A person is not able to exert a substantial degree of influence over the activities of another person for the purposes of subsection (3) by reason only of the fact that—

a) those persons are in competition in the same market; or

b) 1 of them supplies goods or services to the other.

Note: Trade Practices Act 1974 s 50 (Aust).

2 Sections 66(3)(a) and (b) and 67(3)(a) of the principal Act are amended by omitting the words result in an effect described in paragraph (a) or paragraph (b) of section 47(1) of this Act, and substituting in each case the words have, or would be likely to have, the effect of substantially lessening competition in a market.

3 Sections 3(9) and 48 of the principal Act are repealed.