Section 60: Agreements authorised by the Commission.

(1) The provision of section 59 of this Act shall not apply to an agreement among undertakings, or a decision of an association of undertakings, or a category of agreements or decisions of associations of undertakings, the entry into which is authorised by the Commission, provided that the Commission is satisfied that the agreement or decision-
(a) contributes to the improvement of production or distribution of goods, services or the promotion of technical or economic progress, while allowing consumers a fair share of the resulting benefit ;
(b) imposes on the undertakings concerned only such restrictions as are indispensable to the attainment of the objectives referred to in paragraph (a) of this section ; and
(c) does not afford the undertakings concerned the possibility of eliminating competition in respect of a substantial part of the goods or services concerned.