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Takeovers Act 1993

Takeovers Panel

8: Functions of Panel

You could also call this:

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

Illustration for Takeovers Act 1993

The Takeovers Panel has many jobs. You can think of these jobs as keeping an eye on the law about takeovers of code companies. The Panel checks if the law is working well and suggests changes if needed. The Panel also looks at practices related to takeovers of code companies. It investigates things that might be wrong and makes decisions to fix them. The Panel works with other regulators from overseas and shares information to help them do their jobs. You can find more about the Panel's jobs in the Companies Act 1993 and the Companies Act 1993. The Panel must be fair and follow the rules when making decisions. It also tries to help people understand the law about takeovers. The Panel has to work independently and make its own decisions. It does this by following the rules in the Takeovers Act and other laws that apply to it.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM325810.

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Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rulesBusiness > Fair trading
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Part 1Takeovers Panel

8Functions of Panel

  1. The Panel has the following functions:

  2. to keep under review the law relating to takeovers of code companies and to recommend to the Minister any changes to that law that it considers necessary:
      1. for the purposes of paragraph (a), to keep under review practices relating to takeovers of code companies:
        1. to investigate any act or omission or practice for the purpose of exercising its powers and functions under Parts 3 and 4:
          1. to make determinations and orders and make applications to the court in accordance with Part 3:
            1. to make determinations in relation to the reimbursement of expenses under sections 47 to 53:
              1. to co-operate with any overseas regulator and, for that purpose (but without limiting this function), to communicate, or make arrangements for communicating, to that overseas regulator information obtained by the Panel in the performance of its functions and powers (whether or not confidential) that the Panel considers may assist that overseas regulator in the performance of its functions:
                1. to consider applications for an order under section 236(1) of the Companies Act 1993 that affects the voting rights of a code company (within the meaning of that term in section 236A of the Companies Act 1993), and to indicate whether or not it has an objection to such an order:
                  1. to promote public understanding of the law and practice relating to takeovers:
                    1. to perform such other functions as are conferred on it by this Act.

                      1. In the exercise of its functions and powers under Parts 3 and 4 and the takeovers code, the Panel shall comply with the principles of natural justice.

                      2. Except as expressly provided otherwise in this or any other Act, the Panel must act independently in performing its statutory functions and duties, and exercising its statutory powers, under—

                      3. this Act; and
                        1. any other Act that expressly provides for the functions, powers, or duties of the Panel (other than the Crown Entities Act 2004).

                          Notes
                          • Section 8(1)(a): replaced, on , by section 11(1) of the Takeovers Amendment Act 2002 (2002 No 45).
                          • Section 8(1)(a): amended, on , by section 6(1) of the Takeovers Amendment Act 2010 (2010 No 88).
                          • Section 8(1)(b): repealed, on , by section 11(1) of the Takeovers Amendment Act 2002 (2002 No 45).
                          • Section 8(1)(c): amended, on , by section 6(1) of the Takeovers Amendment Act 2010 (2010 No 88).
                          • Section 8(1)(c): amended, on , by section 11(2) of the Takeovers Amendment Act 2002 (2002 No 45).
                          • Section 8(1)(d): amended, on , by section 6(2) of the Takeovers Amendment Act 2010 (2010 No 88).
                          • Section 8(1)(eaa): inserted, on , by section 128 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).
                          • Section 8(1)(ea): inserted, on , by section 11(3) of the Takeovers Amendment Act 2002 (2002 No 45).
                          • Section 8(1)(eb): inserted, on , by section 31(3) of the Companies Amendment Act 2014 (2014 No 46).
                          • Section 8(2): amended, on , by section 6(3) of the Takeovers Amendment Act 2010 (2010 No 88).
                          • Section 8(3): inserted, on , by section 200 of the Crown Entities Act 2004 (2004 No 115).