119.— (1) There shall be a valuation panel to adjudicate on disputes referred to it by NAMA under section 122 (3).

(2) The valuation panel shall consist of persons that the Minister appoints to be members of it. The Minister may determine how many members there shall be, but there shall not be more than 12 members.

(3) The Minister shall appoint a person as a member of the valuation panel only if the Minister is of the opinion that the person has relevant expertise or specialist knowledge.

(4) Without prejudice to the generality of subsection (3), a person has relevant expertise or specialist knowledge if he or she is qualified, or has experience at a senior level, in any one or more of the following:

(a) finance and economics;

(b) law;

(c) accountancy and auditing;

(d) public administration;

(e) project finance;

(f) construction and land development;

(g) property management and sale;

(h) valuation;

(i) urban and land planning;

(j) banking and investment;

(k) insolvency and restructuring.

(5) The terms and conditions of appointment (including remuneration and reimbursement of expenses incurred) of a member of the valuation panel shall be as the Minister determines.