AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 172 Membership

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 172

  (1)   The Takeovers Panel consists of such members, not fewer than 5, as hold office in accordance with this Part.

Note:   The Takeovers Panel was established by section   171 of the Australian Securities and Investments Commission Act 1989 and is continued in existence by section   261 of this Act. It was renamed by the Financial Services Reform Act 2001 .

  (2)   The Governor - General is to appoint the members on the nomination of the Minister.

  (3)   Each of the members may be appointed as a full - time member or as a part - time member.

  (4)   The Minister must nominate a person as a member only if the Minister is satisfied that the person is qualified for appointment by virtue of his or her knowledge of, or experience in, one or more of the following fields, namely:

  (a)   business;

  (b)   administration of companies;

  (c)   financial markets;

  (d)   financial products and financial services;

  (e)   law;

  (f)   economics;

  (g)   accounting.

  (4A)   Each person who is the Minister for a State in this jurisdiction or the Northern Territory may from time to time give to the Minister the names of persons who, in the opinion of the first - mentioned Minister:

  (a)   are qualified for appointment as members of the Takeovers Panel by virtue of their knowledge of, or experience in, one or more of the following fields, namely:

  (i)   business;

  (ii)   administration of companies;

  (iii)   financial markets;

  (iv)   financial products and financial services;

  (v)   law;

  (vi)   economics;

  (vii)   accounting; and

  (b)   ought to be considered for appointment as members of the Takeovers Panel.

  (4B)   In nominating persons as members of the Takeovers Panel, the Minister must ensure so far as practicable that, at any time, at least one member of the Takeovers Panel is a person whose name has been given to the Minister under subsection   (4A).

  (5)   The performance of the functions or the exercise of the powers of the Takeovers Panel is not affected merely because its membership is not as prescribed by subsections   (1) and (3), unless a continuous period of 3 months has elapsed since its membership ceased to be as so prescribed.