(1)If it appears to the Secretary of State, on consideration of an agreement proposed to be made by any parties, that the conditions set out in subsection (2) below are complied with in respect of the proposed agreement, he may, by order made on or before the conclusion of the agreement, approve the agreement for the purposes of this section; and any agreement so approved shall be exempt from registration under this Act during the continuance in force of the order.
(2)The conditions for the making of an order under subsection (1) above in respect of an agreement (in this section referred to as the conditions of exemption) are—
(a)that the agreement is calculated to promote the carrying out of an industrial or commercial project or scheme of substantial importance to the national economy;
(b)that its object or main object is to promote efficiency in a trade or industry or to create or improve productive capacity in an industry;
(c)that the object cannot be achieved or achieved within a reasonable time except by means of the agreement or of an agreement for similar purposes ;
(d)that no restrictions are accepted or information provisions made under the agreement other than such as are reasonably necessary to achieve that object; and
(e)that the agreement is on balance expedient in the national interest.
(3)In considering the national interest for the purposes of subsection (2)(e) above the Secretary of State shall take into account any effects which an agreement is likely to have on persons not parties thereto as purchasers, consumers or users of any relevant goods or, in relation to an agreement to which this Act applies by virtue of an order under section 11 or section 12 above, as users of any relevant services.
(4)An order under this section shall continue in force for such period as may be specified therein, which may be extended by subsequent order of the Secretary of State: but the period so specified or extended shall not exceed the period which appears to the Secretary of State sufficient for the purposes for which the order was made.
(5)An order under this section approving an agreement may be revoked by order of the Secretary of State at any time after the expiry of one year from the day on which the first-mentioned order was made if it appears to him—
(a)that the object or main object of the agreement has not been or is not likely to be achieved, or that any other condition or exemption is no longer satisfied in respect of the agreement; or
(b)that the agreement is used for purposes other than those for which it was approved ;
and may be so revoked at any time if the Secretary of State becomes aware of circumstances by reason of which, if known to him at the material time, the agreement would not have been approved.
The Secretary of State shall not make an order by virtue of paragraph (a) or paragraph (b) of this subsection unless he has given to each of the parties at least 28 days' notice of his intention to make the order.
(6)The Secretary of State shall—
(a)lay before each House of Parliament a copy of any order made under this section and of the agreement to which the order relates ; and
(b)make available for public inspection a copy of any such agreement.
(7)Subsection (6) above shall not apply—
(a)to an agreement which varies an agreement previously approved under this section ; or
(b)to an order approving such an agreement;
if in the Secretary of State's opinion the variation does not substantially affect the operation of restrictions accepted or information provisions made under the agreement previously approved.