(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,