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Statutory Instruments
1997 No. 1530
COMPETITION
The Unichem Limited (Allotment of Shares) Revocation Order 1997
Made
17th June 1997
Laid before Parliament
19th June 1997
Coming into force
17th July 1997
Whereas the Secretary of State, in accordance with section 91(2) of the Fair Trading Act 1973(1), as applied by section 10(4)(b) of the Competition Act 1980(2), published on 22nd February 1997 a notice stating his intention to make this Order, indicating the nature of the provisions to be embodied in it and stating that any person whose interests were likely to be affected by it and who was desirous of making representations in respect of it should do so in writing before 25th March 1997;
And whereas no representations have been made to the Secretary of State in accordance with that notice;
Now, therefore, the Secretary of State in exercise of the powers conferred by section 10(1) and (2)(a) and (b) of the Competition Act 1980 and section 90(4) of, and paragraphs 1 and 2 of Schedule 8 to, the Fair Trading Act 1973, as applied by section 10(4)(a) and (d) of the Competition Act 1980, hereby makes the following Order:-
1. This Order may be cited as the Unichem Limited (Allotment of Shares) Revocation Order 1997 and shall come into force on 17th July 1997.
2. The Unichem Limited (Allotment of Shares) Order 1989(3) is hereby revoked.
N. Griffiths
Parliamentary Under Secretary of State for Competition and Consumer Affairs,
Department of Trade and Industry
17th June 1997
Explanatory Note
(This note is not part of the Order)
This Order revokes the Unichem Limited (Allotment of Shares) Order 1989 made while Unichem Limited was a registered industrial and provident society before its conversion to a Companies Act company and flotation. The 1989 Order prohibited Unichem from continuing to operate its "Share Scheme", under which shares were allotted by reference to the amounts of goods and services acquired from Unichem, except in respect of allotment by reference to goods and services acquired on or before 17th May 1989. Unichem was also prohibited from making or carrying out any agreement in respect of allotment by reference to later acquisitions of goods or services.
Unichem was also required to hold its minimum purchase qualification for continued membership to £3,000 per month and its initial share subscription qualification to 200 per premises, up to a maximum of 1,000.
The Order was based on a report of the Monopolies and Mergers Commission entitled "Unichem Limited-a report on Unichem's arrangements and proposed arrangements for the allotment of shares in its capital." (Cm.691).