Common use of Quorum of the meeting Clause in Contracts

Quorum of the meeting. The presence of the chairman of the Operating Committee or his/her alternate is mandatory in meetings. As long as the provision in paragraph 1.12 is complied with, meetings of the Operating Committee may be held with any quorum. Each Consortium Member shall be entitled to one (1) vote, exercised by its representative in the Operating Committee. The Contracted Party in default after five (5) days of the default notice issued by the Operator shall lose its voting right in meetings of the Operating Committee. The vote of the Manager’s representative shall be weighted fifty percent (50%) of the decision, and the remaining fifty percent (50%) shall be divided among the other members present at the meeting, in the proportion of each Contracted Party’s Share. If any member of the Operating Committee present at the meeting refrains from resolving upon a certain matter or is in default, its Share shall be divided among the other members present at the meeting, in the proportion of each compliant Contracted Party’s Share. The provisions in paragraph 1.17.1 of this annex also apply to the case of refraining from postal voting.

Quorum of the meeting. The presence of the chairman of the Operating Committee or his/her alternate is mandatory in meetings. As long as the provision in paragraph 1.12 Error: Reference source not found is complied with, meetings of the Operating Committee may be held with any quorum. Each Consortium Member shall be entitled to one (1) vote, exercised by its representative in the Operating Committee. The Contracted Party in default after five (5) days of the default notice issued by the Operator shall lose its voting right in meetings of the Operating Committee. The vote of the Manager’s representative shall be weighted fifty percent (50%) of the decision, and the remaining fifty percent (50%) shall be divided among the other members present at the meeting, in the proportion of each Contracted Party’s Share. If any member of the Operating Committee present at the meeting refrains from resolving upon a certain matter or is in default, its Share shall be divided among the other members present at the meeting, in the proportion of each compliant Contracted Party’s Share. The provisions in paragraph 1.17.1 of this annex also apply to the case of refraining from postal voting.