Irish Takeover Panel Act, 1997

Power of Panel to impose charges.

16.—(1) The Panel may, for the purpose of defraying the expenses incurred by it in performing its functions under this Act, impose charges at such rates as are from time to time determined by it with the consent of the Minister—

(a) on relevant companies,

(b) on a person (not being a relevant company) in respect of an offer made by that person,

(c) on any person in respect of a dealing he or she has in the securities of a relevant company,

(d) on any person in respect of a document furnished by him or her to the Panel, in accordance with rules under section 8 , in relation to a takeover or other relevant transaction,

(e) on any person in respect of a document furnished by him or her to the Panel in relation to any proceedings of the Panel concerning a takeover or other relevant transaction.

(2) The Minister shall, where he or she considers it appropriate to do so, consult with any persons who are, in the Minister's opinion, interested in the matter before he or she consents to any determination by the Panel of rates of charges under subsection (1).

(3) Any expenses incurred—

(a) by one or more members of the Panel in the doing of an act (including in the doing of an act expressed to be done by, or on behalf of, the “Irish Takeover Panel”) before the formation of the Panel, or

(b) by any other person in the doing, on behalf of one or more such members (including on behalf of such a member or members purporting to act as the “Irish Takeover Panel”), of an act before the formation of the Panel,

shall, if the said act is ratified by the Panel after its formation, be deemed, for the purposes of this section, to be expenses incurred by the Panel in performing its functions under this Act.

(4) Charges imposed by the Panel under subsection (1) shall be recoverable by the Panel from the person on whom they have been imposed as a simple contract debt in any court of competent jurisdiction.