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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

202. The Takeover Special Committee

 

 

1) There is hereby established a committee of the Panel, to be known as the Takeover Special Committee.

 

2) The Takeover Special Committee consists of—
a) a chairperson, who must be an attorney or advocate whether practicing or not; and
b) at least two other persons,

each of whom must be designated from time to time by the Panel from among those of its members appointed by the Minister in terms of section 197(1)(d).

 

3) The Takeover Special Committee may—
a) hear and decide—
i) any matter referred to it by the Panel; and
ii) any matter that the Executive Director, or a deputy Executive Director acting in the capacity of the Executive Director, may refer to it; and
b) review compliance notices issued by the Executive Director, or a deputy Executive Director acting in the capacity of the Executive Director.

 

4) Subject to this Act and the Takeover Regulations, the chairperson of the Takeover Special Committee may determine the procedure relating to any hearing of any matter referred to the Takeover Special Committee.

 

5) The decision of a majority of the members of the Takeover Special Committee is the decision of the Takeover Special Committee.

 

6) If there is an equality of votes on any question before a meeting of the Takeover Special Committee—
a) the member presiding at the meeting may cast a deciding vote, if that presiding member did not initially have or cast a vote; or
b) the matter being voted on fails, in any other case.