Takeovers Act 1993

Takeovers Panel

7C: Powers of division

You could also call this:

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

When the Takeovers Panel makes a decision under section 7A, you need to know which part of the Panel is making the decision. The Panel can be divided into smaller groups, and each group has its own powers. These powers are not affected if members leave or join the group. If one group of the Panel is making a decision, another group can also make a decision at the same time. You can make a decision by signing a document, even if you are not in the same room. This document can be sent by post, delivered, or sent electronically. The decision can be written on several documents, and each member can sign their own document. This way, all members can agree on a decision without being in the same place.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM325806.

This page was last updated on 12 December 2025 — View changes

Topics:

Business > Industry rules

7B: Membership and chairperson of division, or

"Who is in a division and who is in charge"

8: Functions of Panel, or

"The Panel's job is to oversee and enforce the law about company takeovers."

Part 1Takeovers Panel

7CPowers of division

For the purposes of determining any matter or class of matter specified in a determination under section 7A,—
the Panel consists of the division of the Panel specified in the determination; and
the powers of any such division are not affected by any changes or vacancies in its membership.

A division of the Panel may exercise powers of the Panel under this Act even though another division of the Panel is exercising powers of the Panel at the same time.
A resolution signed or assented to in writing (whether sent by post, delivery, or electronic communication) by all members of a division is as valid and effectual as if it had been passed at a meeting of that division duly called and constituted.
The resolution may consist of several documents containing the same resolution, each signed or assented to in writing by 1 or more members.

Notes

Section 7C: inserted, on 1 June 2001, by section 5(1) of the Takeovers Amendment Act 2001 (2001 No 30).
Section 7C(1): amended, on 1 December 2002, by section 10(1) of the Takeovers Amendment Act 2002 (2002 No 45).
Section 7C(1)(a): amended, on 1 December 2002, by section 10(1) of the Takeovers Amendment Act 2002 (2002 No 45).
Section 7C(1)(a): amended, on 1 December 2002, by section 10(2) of the Takeovers Amendment Act 2002 (2002 No 45).
Section 7C(3): inserted, on 31 August 2012, by section 6 of the Takeovers Amendment Act 2012 (2012 No 68).
Section 7C(4): inserted, on 31 August 2012, by section 6 of the Takeovers Amendment Act 2012 (2012 No 68).