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Companies Act, 1973 (Act No. 61 of 1973)

The Securities Regulation Code on Takeovers and Mergers

Rules under Sections 440C(4)(a), (b), (c) and (f) of Act No. 61 of 1973, as amended

4. The Remuneration and Allowances of Members of The Panel

 

 

1) The Chairman and members who attend meetings of the Panel or any committee thereof or who are engaged in hearings or appeals or deliberations in respect thereof or who render other services to the Panel, shall be entitled to remuneration and travelling and subsistence allowances corresponding to the rate applicable to the Chairman and members of the standing Advisory Committee on Company Law appointed under section 18 of the Act.

 

2) Where services have to be rendered outside normal office hours, the Chairman, in consultation with the Executive Committee, may increase the remuneration of members by not more than 100 %.

 

3) Where the Panel is remunerating a member for services which have been rendered other than that at a formal meeting, the rate for such services rendered by such member shall be determined by the Panel or by any designated sub-committee.