66 Time when enterprises cease to be distinct. U.K.
(1)Where under or in consequence of the same arrangements or transaction, or under or in consequence of successive arrangements or transactions between the same parties or interests, successive events to which this subsection applies occur within a period of two years, then for the purposes of a merger reference those events may, if the Secretary of State [F1or the Commission]thinks fit, be treated as having occurred simultaneously on the date on which the latest of them occurred.
(2)The preceding subsection applies to any event whereby, under or in consequence of the arrangements or the transaction or transactions in question, any enterprises cease as between themselves to be distinct enterprises.
(3)For the purposes of subsection (1) of this section any arrangements or transactions may be treated by the Secretary of State [F1or the Commission] as arrangements or transactions between the same interests if it appears to him to be appropriate that they should be so treated, having regard to the persons who are substantially concerned in them.
(4)Subject to the preceding provisions of this section [F2and to section 66A of this Act], the time at which any two enterprises cease to be distinct enterprises, where they do so under or in consequence of any arrangements or transaction not having immediate effect, or having immediate effect in part only, shall be taken to be the time when the parties to the arrangements or transaction become bound to such extent as will result, on effect being given to their obligations, in the enterprises ceasing to be distinct enterprises.
(5)In accordance with subsection (4) of this section (but without prejudice to the generality of that subsection) for the purpose of determining the time at which any two enterprises cease to be distinct enterprises no account shall be taken of any option or other conditional right until the option is exercised or the condition is satisfied.
Textual Amendments
F1Words inserted by Companies Act 1989 (c. 40, SIF 27), s. 153, Sch. 20 paras. 4(a), 10
F2Words inserted by Companies Act 1989 (c. 40, SIF 27), s. 153, Sch. 20 paras. 4(b), 10
Modifications etc. (not altering text)
C1S. 66 applied (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 29(9)
C2S. 66 applied (E.W.) (01.12.1991) by Water Industry Act 1991 (c. 56, SIF 130), ss. 35(2), 223(2) (with ss. 82(3), 186(1), 188, 222(1), Sch. 14 para. 6).
C3Ss. 64-77 modified (E.W.S.) (1.4.1994) by 1993 c. 43, s. 66(3); S.I. 1994/571, art. 5