12.— (1) In performing the function referred to in section 7(2)(a)(iii), the Council shall—

(a) before giving effect to a code of conduct, submit a draft of it to the Competition Authority for its opinion as to whether any provision of the draft code would, if given effect, be likely to result in competition being prevented, restricted or distorted, and

(b) request that the opinion be given in writing to the Council before the date specified in the request.

(2) If, before that date, the Council receives from the Competition Authority a written opinion that a provision of the draft code would, if given effect, be likely to have the result referred to in subsection (1), the Council shall either—

(a) taking account of the opinion, change the draft code so as to obviate that result, or

(b) if they do not so change the draft code, supply to the Minister, when submitting it for consent under subsection (3), a copy of the opinion and a written statement of its reasons for not changing the draft code under paragraph (a).

(3) A code of conduct shall be subject to the consent of the Minister.

(4) Subsections (1) to (3) apply also in relation to an amendment to a code of conduct and (with the substitution for the references in those subsections to the draft code or any provision in it of references to a proposal to revoke a code of conduct) to a revocation of a code of conduct.

(5) As soon as practicable after giving effect to a code of conduct, the Council shall—

(a) publish it in such manner as it determines, and

(b) submit it to the Minister for laying before each House of the Oireachtas.