"Panel-

"(a)

means the Takeovers Panel established under Part 1; or

"(b)

for the purposes of determining any matter or class of matter specified in a determination under section 7A, means the division of the Panel specified in the determination in accordance with section 7C(1)(a)".

"(2)

The Panel is a Crown entity for the purposes of section 7 of the Crown Entities Act 2004.

"(3)

The Crown Entities Act 2004 applies to the Panel except to the extent that this Act expressly provides otherwise.

"(4)

Members of the Panel are the board for the purposes of the Crown Entities Act 2004."

"(2)

Despite clause 1(2) of Schedule 5 of the Crown Entities Act 2004, 1 member must be appointed by the Governor-General, on the recommendation of the Minister, as chairperson of the Panel, and another must be appointed by the Governor-General, on the recommendation of the Minister, as deputy chairperson of the Panel.

"(2A)

The chairperson and any deputy chairperson of the Panel may only be removed from office as chairperson or deputy chairperson for just cause."

"(4)

The Minister must not recommend a person for appointment as a member of the Panel unless, in the opinion of the Minister, that person is qualified or experienced in business, accounting, or law.

"(5)

Subsection (4) does not limit section 29 of the Crown Entities Act 2004."

"(5)

The powers in this section are an exception to clause 14 of Schedule 5 of the Crown Entities Act 2004.

"(6)

Clause 7 of Schedule 5 of that Act applies to meetings of a special division of the Panel."

"(3)

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-

"(a)

this Act; and

"(b)

any other Act that expressly provides for the functions, powers, or duties of the Panel (other than the Crown Entities Act 2004)."

"(2)

No proceedings, civil or criminal, lie against any member of the Panel, or any officer or employee of the Panel, or any member of a committee of the Panel, for anything that person may do or say or fail to do or say in the course of the operations of the Panel, unless it is shown by the Panel that the person acted in bad faith."

"(3A)

Section 59(3) of the Crown Entities Act 2004 (which provides that a statutory entity may bring an action against a member for breach of an individual duty) does not apply, unless it is shown that the person acted in bad faith.

"(3B)

Sections 122 to 126 of the Crown Entities Act 2004 apply as if the conduct for which a person may be indemnified or insured under those sections were conduct that is covered by the protection from liability in this section.

"(3C)

This section contains an exception to section 121 of the Crown Entities Act 2004."

"14

Delegation

"(1)

The Panel may not delegate the powers in sections 31X, 32 and 45(1).

"(2)

In other respects, section 73 of the Crown Entities Act 2004 applies."

"(4)

This section applies despite section 73 of the Crown Entities Act 2004."

"(2A)

Section 115 of the Crown Entities Act 2004 does not apply to that requirement."

"(4)

Subclause (3) applies despite clause 9 of Schedule 5 of the Crown Entities Act 2004."