1.1. There shall be a body corporate known as the Recognition Panel.
1.2. There shall be a Board of the Recognition Panel which shall be responsible for the conduct and management of the Recognition Panel's business and affairs, in accordance with the further terms of this Charter.
1.3. The Members of the Board of the Recognition Panel shall be the only Members of the body corporate, but membership of the body corporate shall not enable any individual to act otherwise than through the Board to which he belongs.
Term of Charter
2.1. Articles 3.2 and 5 and Schedules 1 (Appointments and Terms of Membership) and 4 (Interpretation) shall take effect on the day following the date the Charter is sealed.
2.2. The remainder of this Charter shall take effect from the day after the last date that the Chair and the initial Members of the Board of the Recognition Panel are appointed, and the Panel shall be duly established on that day.
4.1. The Recognition Panel has the functions, in accordance with the terms of this Charter, of:
(a) determining applications for recognition from Regulators;
(b) reviewing whether a Regulator which has been granted recognition shall continue to be recognised;
(c) withdrawing recognition from a Regulator where the Recognition Panel is satisfied that the Regulator ceases to be entitled to recognition; and
(d) reporting on any success or failure of the recognition system.