Common use of POOL COMMITTEE Clause in Contracts

POOL COMMITTEE. 11.1 The Pool Committee shall consist of one (1) representative for each Pool Participant, two (2) representatives appointed by the Company and two (2) representatives of the Manager. The two (2) representatives of the Manager shall not have the right to vote. 11.2 Each voting Pool Participant shall have a number of votes corresponding to the number of Pool Vessels controlled by such Pool Participant. 11.3 Members of the Pool Committee are elected for a one (1) year period. If a member of the Pool Committee is a representative of a Pool Participant who no longer has a Pool Vessel in the Pool, such member shall automatically cease to be a member of the Pool Committee. 11.4 The Pool Committee shall have the authority to make decisions in respect of the following matters as well as in respect of other matters put before by the Company: (a) approval of the basis for the calculation of Total Costs; (b) require further contributions to the working capital of the Company in accordance with Clause 10.2; 11.5 The Pool Committee shall meet at least once a year. The Pool Committee meeting can take place by teleconference as well as by physical meetings. Representatives to the Pool Committee shall be entitled to participate through proxies. 11.6 All decisions requiring the approval of the Pool Committee shall be taken on the basis of a simple majority of votes casted (excluding abstentions).