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

Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part E : Takeover Panel Procedures

116. General Authority of the Panel

 

 

(1) The Panel works on a day-to-day basis through its Executive Director, deputy Executive Director(s) and other officers and employees as contemplated in section 200.

 

(2) The Panel is empowered to co-operate with any regulatory bodies in or outside South Africa for the purpose of obtaining or furnishing information relevant to any aspect of the duties of the Panel or of such other regulatory bodies.

 

(3) A quorum for any properly convened meeting of the Panel is six members.

 

(4) If a quorum is not present when a meeting of the Panel is to begin, that meeting is postponed for a period of not less than five days, as determined by the Chairperson, and at the quorum for the postponed meeting, will be three members.

 

(5) The provisions of section 73 (3), read with the changes required by the context, apply with respect to meetings of the Panel, other than appeals or hearings, but a reference in that section to the board of a company must be read as referring to the Panel.