Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Takeovers Panel must, for the purposes of the performance or exercise of its functions or powers in relation to a particular matter, be constituted by 3 members in respect of whom a direction is in force under this section in relation to that matter.
(2) The President may give directions about the members (the sitting members ) who are to constitute the Takeovers Panel for the purposes of performing or exercising its functions or powers in relation to particular matters.
(3) A direction under subsection (2) must:
(a) unless the sitting members include the President--designate one of them as President; and
(b) in any case--designate one of the sitting members as Deputy President;
of the Takeovers Panel as constituted in relation to the matter concerned.
(3A) The President may give a direction under subsection (2) whether the President is within or outside Australia.
(4) Where the President gives a direction as to the sitting members, he or she may:
(a) at any time after the giving of the direction and before the commencement of proceedings in relation to the matter; or
(b) if one of those persons ceases to be a member, or ceases to be available for the purposes of proceedings in relation to a matter, during the proceedings or after the completion of the proceedings but before the matter to which the proceedings relate is determined--at any time after the person so ceases to be a member or to be available;
revoke the direction and give a further direction under subsection (2) as to the additional members.
(4A) The regulations may make provision in relation to the constitution of the Takeovers Panel for the purposes of conducting a review under section 657EA or 657EB of the Corporations Act.
(5) In this section:
"functions or powers" means functions or powers of the Takeovers Panel under the corporations legislation (other than the excluded provisions).