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Limitation on commencement of merger or take-over.
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3.—(1) In relation to a proposed merger or take-over, title to any shares or assets concerned shall not pass until—
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(a) the Minister, in pursuance of section 7 (a), has stated in writing that he has decided not to make an order under section 9 in relation to the proposed merger or take-over, or
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(b) the Minister has stated in writing that he has made a conditional order in relation to the proposed merger or take-over, or
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(c) the relevant period within the meaning of section 6 has elapsed without the Minister's having made an order under section 9 in relation to the proposed merger or take-over,
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whichever first occurs.
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(2) A statement under subsection (1) (a) shall cease to have effect at the end of the period of 12 months beginning on the date of the statement if the enterprises the subject of the proposed merger or take-over referred to in the statement have not come under common control during that period.
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