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

Chapter XVA: Regulation of Securities

440C. Functions of panel

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1)The functions of the panel shall be to -

a)regulate, in such manner as it may deem necessary or appropriate-

i)all transactions or schemes which constitute affected transactions;

ii)all proposals which on successful completion or implementation would become affected transactions; and

b)supervise dealings in securities that are contemplated in this Chapter.

 

2)It shall not be the function of the panel to judge the commercial advantages and disadvantages of affected transactions.

 

3)Without derogating from the provisions of subsection (1), the functions of the panel shall include the making of rules in respect of matters falling within the provisions of this Chapter, including rules relating to the following aspects of affected transactions, namely -

a)the duties of the offeror; and

b)the duties of the offeree company.

 

4)Subject to the provisions of this Chapter, the rules shall make provision for-

a)the administration and financing of the panel;

b)the remuneration and allowances of the executive director and the conditions upon which he is appointed;

c)the remuneration and allowances of members and officers and employees of the panel, and the conditions upon which such members, officers and employees are appointed;

d)appeals from decisions of the executive director to the panel;

e)the effective monitoring of compliance with, and enforcement of, the rules;

f)the dissolution of the panel.

 

5)Rules made or amended by the panel and approved by the Minister shall be published by notice in the Gazette.

 

6)The panel or its executive director may-

a)consult with any person at the request of any interested party in a proposed affected transaction with a view to interpreting any aspect relating to any of the rules which have been made by the panel and which apply to such proposed affected transaction;

b)issue information on current policy in regard to proposed affected transactions to serve as guidelines for the benefit of persons concerned in proposed affected transactions;

c)receive and deal with representations relating to any matter with which it may deal in terms of this Chapter, and

d)perform any other function assigned to it by this Chapter.

 

7)[Subsection (7) deleted by s. 2 (d) of Act No. 69 of 1990.]