PART II EXEMPT TRANSFERS

CHAPTER II CONDITIONAL EXEMPTION

C135AF1 Variation of undertakings.

1

An undertaking given under section 30, 32 or 32A above or paragraph 5 of Schedule 5 to this Act may be varied from time to time by agreement between the Board and the person bound by the undertaking.

2

Where F2the tribunal is satisfied that—

a

the Board have made a proposal for the variation of such an undertaking to the person bound by the undertaking,

b

that person has failed to agree to the proposed variation within six months after the date on which the proposal was made, and

c

it is just and reasonable, in all the circumstances, to require the proposed variation to be made,

F3the tribunal may direct that the undertaking is to have effect from a specified date as if the proposed variation had been agreed to by the person bound by the undertaking.

3

The date specified by the F4tribunal must not be less than sixty days after the date of F5the tribunal's direction.

4

A direction under this section shall not take effect if, before the date specified by the F6tribunal, a variation different from that to which the direction relates is agreed between the Board and the person bound by the undertaking.