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Takeovers Act 1993

Takeovers Panel

7A: Panel may act by divisions

You could also call this:

"The Takeovers Panel can split into smaller groups to make decisions."

Illustration for Takeovers Act 1993

The Takeovers Panel can decide to split into smaller groups to make decisions. You can think of these smaller groups like teams working on specific tasks. The Panel or its chairperson can choose which tasks these teams can work on. The Panel or chairperson cannot let a smaller group make decisions about certain important tasks, such as performing functions under section 8(1)(a) or granting exemptions under section 45(1)(c). The Panel or chairperson can change their mind about what tasks a smaller group can work on. They can also cancel or amend a previous decision. When the Panel or chairperson makes a decision, they must write it down and have it signed by at least three members or the chairperson. This is an exception to clause 14 of Schedule 5 of the Crown Entities Act 2004. Clause 7 of Schedule 5 of that Act applies to meetings of a special division of the Panel.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM325594.

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Part 1Takeovers Panel

7APanel may act by divisions

  1. The Panel or chairperson may determine that the powers of the Panel in relation to any matter or class of matters may be exercised by separate divisions of the Panel.

  2. However, the Panel or chairperson must not determine that a separate division of the Panel may exercise—

  3. any power in connection with the performance of its functions under section 8(1)(a):
    1. the power of the Panel to grant an exemption under section 45(1)(c).

      1. The Panel or chairperson may revoke or amend a determination made under subsection (1).

      2. Every determination (or revocation or amendment of a determination) must be recorded in writing and signed by 3 members or the chairperson.

      3. The powers in this section are an exception to clause 14 of Schedule 5 of the Crown Entities Act 2004.

      4. Clause 7 of Schedule 5 of that Act applies to meetings of a special division of the Panel.

      Notes
      • Section 7A: replaced, on , by section 8 of the Takeovers Amendment Act 2002 (2002 No 45).
      • Section 7A(2)(b): amended, on , by section 77(3) of the Legislation Act 2012 (2012 No 119).
      • Section 7A(5): inserted, on , by section 200 of the Crown Entities Act 2004 (2004 No 115).
      • Section 7A(6): inserted, on , by section 200 of the Crown Entities Act 2004 (2004 No 115).