Mergers, Take-Overs and Monopolies (Control) Act, 1978

Application of certain statutory provisions relating to amalgamation.

14.—(1) Nothing in the Companies Acts, 1963 to 1977, the Industrial and Provident Societies Acts, 1893 to 1971, the Building Societies Act, 1976 , or the Friendly Societies Acts, 1896 to 1977, shall be construed as relieving an enterprise of the obligation to comply with section 5.

(2) An order under section 201 or 203 of the Companies Act, 1963 , shall not be made in respect of a proposed amalgamation (being a proposed merger or take-over to which this Act applies) until either—

(a) the Minister has stated in writing that he has decided not to make an order under section 9 in relation to the proposed amalgamation, or

(b) the Minister has stated in writing that he has made a conditional order in relation to the proposed amalgamation, or

(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 amalgamation,

whichever first occurs.

(3) (a) A copy of a special resolution under section 53 of the Act of 1893, providing for the amalgamation of, or the transfer of engagements between, two or more societies registered under that Act (being a proposed merger or take-over to which this Act applies) shall not be registered under section 56 of the Act of 1893 until either—

(i) the Minister has stated in writing that he has decided not to make an order under section 9 in relation to the proposed amalgamation or transfer of engagements, or

(ii) the Minister has stated in writing that he has made a conditional order in relation to the proposed amalgamation or transfer of engagements, or

(iii) 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 amalgamation or transfer of engagements,

whichever first occurs.

(b) In this subsection “the Act of 1893” means the Industrial and Provident Societies Act, 1893 .

(4) (a) A copy of a special resolution under section 70 of the Act of 1896, providing for the amalgamation of, or the transfer of engagements between, two or more societies registered under that Act (being a proposed merger or take-over to which this Act applies) shall not be registered under section 75 of the Act of 1896 until either—

(i) the Minister has stated in writing that he has decided not to make an order under section 9 in relation to the proposed amalgamation or transfer of engagements, or

(ii) the Minister has stated in writing that he has made a conditional order in relation to the proposed amalgamation or transfer of engagements, or

(iii) 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 amalgamation or transfer of engagements,

whichever first occurs.

(b) In this subsection “the Act of 1896” means the Friendly Societies Act, 1896 .

(5) (a) A union of two or more societies which are registered under the Act of 1976, a transfer of engagements between two such societies or an undertaking by one such society to fulfill the engagements of another such society (being in each case a proposed merger or take-over to which this Act applies) shall not be registered under section 25 (2), 26 (2) or section 27 (6) of the Act of 1976 until either—

(i) the Minister has stated in writing that he has decided not to make an order under section 9 in relation to the proposed union, transfer or undertaking, or

(ii) the Minister has stated in writing that he has made a conditional order in relation to the proposed union, transfer or undertaking, or

(iii) the relevant period within the meaning of section 6 has elapsed without the Minister having made an order under section 9 in relation to the proposed union, transfer or undertaking,

whichever first occurs.

(b) In this subsection “the Act of 1976” means the Building Societies Act, 1976 .