Companies Act 2014 section 1440

Relationship between Chapters 1 and 2 of Part 9 and Irish Takeover Panel Act 1997

Section 1440 clarifies how the provisions on schemes of arrangement and acquisitions in Part 9 of the Companies Act 2014 interact with the powers of the Irish Takeover Panel under the Irish Takeover Panel Act 1997.

• The scheme of arrangement and acquisition provisions in Part 9 do not diminish or override the jurisdiction of the Irish Takeover Panel under the Irish Takeover Panel Act 1997.
• Where a proposed compromise or scheme of arrangement constitutes a takeover or other relevant transaction, the Panel retains full rule-making power under section 8 of the 1997 Act, and is deemed always to have had such power.
• The Panel's authority to make rules for takeovers carried out by way of schemes of arrangement is equivalent to its authority over any other form of takeover or relevant transaction.
• Both the Irish Takeover Panel and the court must have due regard to each other's exercise of powers when acting under their respective legislation.