AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 184 Constitution of Takeovers Panel in relation to particular matters

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 184

  (1)   The Takeovers Panel must, for the purposes of the performance or exercise of its functions or powers in relation to a particular matter, be constituted by 3 members in respect of whom a direction is in force under this section in relation to that matter.

  (2)   The President may give directions about the members (the sitting members ) who are to constitute the Takeovers Panel for the purposes of performing or exercising its functions or powers in relation to particular matters.

  (3)   A direction under subsection   (2) must:

  (a)   unless the sitting members include the President--designate one of them as President; and

  (b)   in any case--designate one of the sitting members as Deputy President;

of the Takeovers Panel as constituted in relation to the matter concerned.

  (3A)   The President may give a direction under subsection   (2) whether the President is within or outside Australia.

  (4)   Where the President gives a direction as to the sitting members, he or she may:

  (a)   at any time after the giving of the direction and before the commencement of proceedings in relation to the matter; or

  (b)   if one of those persons ceases to be a member, or ceases to be available for the purposes of proceedings in relation to a matter, during the proceedings or after the completion of the proceedings but before the matter to which the proceedings relate is determined--at any time after the person so ceases to be a member or to be available;

revoke the direction and give a further direction under subsection   (2) as to the additional members.

  (4A)   The regulations may make provision in relation to the constitution of the Takeovers Panel for the purposes of conducting a review under section   657EA or 657EB of the Corporations Act.

  (5)   In this section:

"functions or powers" means functions or powers of the Takeovers Panel under the corporations legislation (other than the excluded provisions).