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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 8 : Regulatory Agencies and Administration of Act

Part C : Takeover Regulation Panel

197. Composition of Panel

 

(1) The Panel comprises—
(a) the Commissioner, or a person designated by the Commissioner;
(b) the Commissioner of the Competition Commission established by section 19 of the Competition Act, or a person designated by that Commissioner;
(c) three persons designated by each exchange named for the purpose by the Minister by notice in the Gazette; and
(d) not more than a number, being 15 minus the total number of persons designated in terms of paragraph (c), of other persons appointed by the Minister on the basis of their knowledge and experience in the regulation of securities and takeovers.

 

(2) At any time, the Panel may co-opt additional members for a particular purpose and a limited period.

 

(3) Persons designated, appointed or co-opted to be members of the Panel—
(a) must have the qualifications, and satisfy the further requirements set out in section 205; and
(b) are subject to the provisions of sections 206 and 207.

 

(4) Members of the Panel—
(a) contemplated in subsection (1)(a) or (b) serve so long as they hold the relevant office referred to in that subsection;
(b) designated in terms of subsection (1)(c), serve for a term of five years unless replaced earlier by the designating exchange;
(c) appointed in terms of subsection (1)(d), serve for a term not exceeding five years, as determined by the Minister at the time the person is appointed; or
(d) co-opted in terms of subsection (2), serve until the completion of the purpose for which they were co-opted.

 

(5) A person whose term of service as a member of Panel has expired may be designated, appointed or co-opted to serve for a further term, or terms without limit, subject to the requirements of subsection (3) and section 205.