COMPANIES BILL - Department of Trade and Industry

152(3) When assigning a matter to a panel in terms of subsection (2)(b), the chairpersonmust—(a) ensure that at least one member of the panel is a person who has suitable legalqualifications and experience; and(b) designate a member of the panel to preside over the panel’s proceedings.(4) If, because of resignation, illness, death, or withdrawal from a hearing in terms ofsection 206(3), a member of the panel is unable to complete the proceedings in a matterassigned to that panel, the chairperson must—(a) direct that the hearing of that matter proceed before the remaining members ofthe panel, subject to the requirements of subsection (3)(a); or(b) terminate the proceedings before that panel and constitute another panel,which may include any member of the original panel, and direct that panel toconduct a new hearing.(5) The decision of a panel on a matter referred to it must be in writing and includereasons for that decision.(6) A decision of a single member of the Companies Ombud hearing a matter ascontemplated in subsection (1)(a), or of a majority of the members of a panel in anyother case, is the decision of the Ombud.(7) An decision by the Companies Ombud with respect to a decision, notice or orderby the Commission is binding on the Commission, subject to any review by the court.(8) An order of the Companies Ombud may be filed in the High Court as an order ofthe court, in accordance with its rules.(9) A member of the Ombud may not represent any person before the Ombud.(10) If, on the expiry of the term of office of a member of the Companies Ombud, thatmember is still considering a matter before the Ombud, that member may continue to actas a member in respect of that matter only.510152025Part CTakeover Regulation PanelEstablishment of Takeover Regulation Panel196. (1) The Takeover Regulation Panel is hereby established as a juristic person, tofunction as an organ of state within the public administration, but as an institutionoutside the public service.(2) The Panel—(a) has jurisdiction throughout the Republic;(b) is independent, and subject only to—(i) the Constitution and the law; and(ii) any policy statement, directive or request issued to it by the Minister interms of this Act;(c) must be impartial and perform its functions without fear, favour, or prejudice;and(d) must exercise the functions assigned to it in terms of this Act or any other law,or by the Minister, in—(i)(ii)the most cost-efficient and effective manner; andin accordance with the values and principles mentioned in section 195 ofthe Constitution.(3) Each organ of state must assist the Panel to maintain its independence andimpartiality, and to exercise its authority and perform its functions effectively.(4) In carrying out its functions, the Panel may—(a)(b)have regard to international developments in the field of company law; orconsult any person, organisation or institution with regard to any matter.3035404550Composition of Panel197. (1) The Panel comprises—(a) the Commissioner, or a person designated by the Commissioner;(b) the Commissioner of the Competition Commission established by section 19of the Competition Act, or a person designated by that Commissioner;(c) three persons designated by each exchange named for the purpose by theMinister by notice in the Gazette; and55