Irish Takeover Panel Act, 1997

The Panel.

3.—(1) In this Act, “the Panel” means a public company formed and registered under the Companies Acts, 1963 to 1990, after the commencement of this section, which is designated by the Minister to be the body that shall perform the functions expressed in this Act to be performable by the Panel.

(2) The Minister shall not designate a company for the purposes aforesaid unless the following conditions as respects the company are satisfied, namely—

(a) the company is a company limited by guarantee,

(b) the name of the company is the Irish Takeover Panel, and

(c) the memorandum of association and articles of association of the company are in such form, consistent with this Act, as is approved of by the Minister.

(3) None of the following, namely—

(a) section 6 (1) (b) of the Act of 1963,

(b) the requirement contained in section 5 (1) of the Act of 1963 that a public company shall have 7 or more members,

(c) section 36 of the Act of 1963 or any other provision of the Companies Acts, 1963 to 1990, that makes provision as respects cases in which the requirement referred to in paragraph (b) is not complied with,

shall apply to a company where the Minister informs the Registrar of Companies in writing that he or she proposes to designate the company under subsection (1).

(4) The following shall be the members of the Panel, namely—

(a) each body standing specified for the time being in section 6 (1) (b) (not being an unincorporated body of persons),

(b) in the case of each body standing specified for the time being in section 6 (1) (b) which is an unincorporated body of persons, an individual or body corporate nominated by it to be such a member.