Reference to the Director. 3.5.1 If:- (a) any dispute shall arise between the Executive Committee and a New Party over whether the New Party has fulfilled the admission conditions relevant to it; or (b) the Executive Committee shall have failed to notify the New Party as provided in Clause 3.3 within the 60 day period therein specified, the issue of whether the New Party has fulfilled the admission conditions relevant to it may be referred by way of written application of the New Party, copied to the Executive Committee, to the Director for determination. The determination of the Director, which shall be made within 28 days after receipt of the said written application and shall be to the effect set out in paragraph (a) or (b) of Clause 3.5.2, shall be final and binding for all purposes. The Director shall publish reasons supporting his determination. (a) If the determination is to the effect that the New Party has fulfilled the said admission conditions, the New Party shall be admitted and the provisions of Clause 3.6 shall apply. (b) If the determination is to the effect that the New Party has not fulfilled the said admission conditions, the New Party's application for admission shall lapse and be of no effect and the New Party shall not be, and shall not be entitled to be, admitted as a Party consequent upon such application (but without prejudice to any new application it may make thereafter).
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Samples: Settlement Agreement (Southern Investments Uk PLC), Pooling and Settlement Agreement (Txu Eastern Holdongs LTD)
Reference to the Director. 3.5.1 If:-if:
(a) any dispute shall arise between the Executive Committee and a New Party over whether the New Party has fulfilled the admission conditions relevant to it; or
(b) the Executive Committee shall have failed to notify the New Party as provided in Clause 3.3 within the 60 day period therein specified, the issue of whether the New Party has fulfilled the admission conditions relevant to it may be referred by way of written application of the New Party, copied copies to the Executive Committee, to the Director for determination. The determination of the Director, which shall be made within 28 days after receipt of the said written application and shall be to the effect set out in paragraph (a) or (b) of Clause 3.5.2, shall be final and binding for all purposes. The Director shall publish reasons supporting his determination.
(a) If the determination is to the effect that the New Party has fulfilled the said admission conditions, the New Party shall be admitted and the provisions of Clause 3.6 shall apply.
(b) If the determination is to the effect that the New Party has not fulfilled the said admission conditions, the New Party's application for admission shall lapse and be of no effect and the New Party shall not be, and shall not be entitled to be, admitted as a Party consequent upon such application (but without prejudice to any new application it may make thereafter).
Appears in 1 contract
Samples: Pooling and Settlement Agreement (Yorkshire Power Group LTD)
Reference to the Director. 3.5.1 If:-If:
(a) any dispute shall arise between the Executive Committee and a New Party over whether the New Party has fulfilled the admission conditions relevant to it; or
(b) the Executive Committee shall have failed to notify the New Party as provided in Clause 3.3 within the 60 day period therein specified, the issue of whether the New Party has fulfilled the admission conditions relevant to it may be referred by way of written application of the New Party, copied to the Executive Committee, to the Director for determination. The determination of the Director, which shall be made within 28 days after receipt of the said written application and shall be to the effect set out in paragraph (a) or (b) of Clause 3.5.2, shall be final and binding for all purposes. The Director shall publish reasons supporting his determination.
(a) If the determination is to the effect that the New Party has fulfilled the said admission conditions, the New Party shall be admitted and the provisions of Clause 3.6 shall apply.
(b) If the determination is to the effect that the New Party has not fulfilled the said admission conditions, the New Party's application for admission shall lapse and be of no effect and the New Party shall not be, and shall not be entitled to be, admitted as a Party consequent upon such application (but without prejudice to any new application it may make thereafter).
Appears in 1 contract
Samples: Pooling and Settlement Agreement (Calenergy Co Inc)