(1) The principal objects of the Panel shall be stated in its memorandum of association to be -

(a) to monitor and supervise takeovers and other relevant transactions so as to ensure that the provisions of this Act and any rules thereunder are complied with as respects each such transaction;

(b) to make rules under section 8, for the purposes mentioned in that section, in relation to takeovers and other relevant transactions.

(2) Nothing in this section shall prevent or restrict the inclusion among the objects of the Panel as stated in its memorandum of association of all such objects and powers as are reasonably necessary or proper for or incidental or ancillary to the due attainment of the principal objects aforesaid and are not inconsistent with this Act.

(3) The Panel shall have power to do anything which appears to it to be requisite, advantageous or incidental to, or which appears to it to facilitate, either directly or indirectly, the performance by it of its functions as specified in this Act or in its memorandum of association and is not inconsistent with any enactment for the time being in force.