(1) There shall, as soon as practicable after the commencement of this section, be entered into between the Authority and every one of the statutory bodies one or more agreements for the purposes of -
(a) facilitating co-operation between the Authority and the statutory bodies in the performance of their respective functions in so far as they relate to issues of competition between undertakings,
(b) avoiding duplication of activities by the Authority and any of the statutory bodies, being activities involving the determination of the effects on competition of any act done, or proposed to be done, and
(c) ensuring, as far as practicable, consistency between decisions made or other steps taken by the Authority and the statutory bodies in so far as any part of those decisions or steps consists of or relates to a determination of any issue of competition between undertakings,
and each such agreement that is entered into is referred to in this section as a "co-operation agreement".