Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where a member is, or is to be, a member of the Takeovers Panel as constituted for the purposes of the performance or exercise of its functions or powers in relation to a particular matter and the member has or acquires any interest, pecuniary or otherwise, that could conflict with the proper performance of the member's functions in relation to that matter:
(a) the member must disclose the interest to the President and to the parties involved in the matter; and
(b) except with the President's consent, the member must not take part in the performance or exercise of the Takeovers Panel's functions or powers in relation to the matter.
(1A) The President must not, under paragraph (1)(b), consent to a member taking part in the performance or exercise of the Takeovers Panel's functions or powers in relation to a matter unless the President believes, on reasonable grounds, that the member's interest is immaterial or indirect and will not prevent the member from acting impartially in relation to the matter.
(2) Where the President becomes aware that a member who is, or is to be, a member of the Takeovers Panel as constituted for the purposes of the performance or exercise of its functions or powers in relation to a particular matter has in relation to that matter such an interest as is mentioned in subsection (1), then:
(a) the President must revoke the direction given under subsection 184(2) in relation to the matter unless the President believes, on reasonable grounds, that the member's interest is immaterial or indirect and will not prevent the member from acting impartially in relation to the matter; or
(b) if the President is not required to revoke that direction under paragraph (a), the President must cause the member's interest to be disclosed to the parties involved in the matter.
(3) In this section:
"functions or powers" means functions or powers of the Takeovers Panel under the corporations legislation (other than the excluded provisions).