RESIGNATION AND REMOVAL OF OPERATOR. The Operator may resign as operator on six (6) months' written notice. The management committee may, subject to the Ministry's consent, direct the Operator to continue until another company is ready to take over the operatorship. The management committee may remove the Operator. The reason for the removal shall be stated and shall be subject to six (6) months' notice. Before a decision concerning such removal may be adopted, the Operator shall be given the opportunity to express its views in a management committee meeting. The Operator is not entitled to vote on the proposal to remove him. The adoption of any such proposal requires the unanimous vote of the Members of the management committee who are entitled to vote. Subject to the consent of the Ministry, a removal of the Operator may take place with immediate effect provided that: The Operator's management or supervisory personnel has caused an economic loss to the Parties as the result of willful misconduct or gross negligence, the Operator or any of his Affiliated companies is declared bankrupt, applies for a composition with its creditors or becomes insolvent, any of the Operator's Affiliated companies, as referred to in sub-section 19 litra a) of the definitions herein, is dissolved, or the Operator transfers his Participating interest or a substantial part thereof, to another entity. The Operator shall cooperate with the new operator with regard to the transfer of the operatorship. If a change of Operator has taken place, the management committee shall ensure that the joint accounts are audited and that all equipment, supplies etc. provided by the Operator for the joint activities shall be inventoried. Stored Petroleum shall also be recorded. The Operator shall, no later than at the time of change of operator and without compensation therefor, hand over to the new operator: All contracts/agreements, assets, core samples, log studies, records, data etc. which have been in the Operator's custody, all information and data necessary for accurate reporting during the period the change of operator is taking place, books of account, accounting records and accounts concerning the joint activities. The retiring Operator shall, however, keep verifications etc. for control purposes for as long as this Agreement remains in effect and, thereafter, for such a period of time as required by law or the management committee, and copies of documents which are retained by the Operator. The Operator shall be liable to ...
RESIGNATION AND REMOVAL OF OPERATOR. Operator may resign at any time by giving written notice thereof to Non-Operator. If Operator terminates its legal existence, (a change of a corporate name or structure of Operator shall not be deemed a termination of legal existence) or is no longer capable of serving as Operator, it shall cease to be Operator without any action by Non-Operator, except the selection of a successor. Operator may be removed by the affirmative vote of one (1) or more Non-Operators owning a majority interest in the xxxxx subject to this Agreement, or if Non-Operator becomes insolvent, bankrupt, or is placed in receivership, by the affirmative vote of those Non-Operators owning a majority interest based on ownership. Such resignation or removal will not become effective until 7:00 o’clock a.m. on the first day of the calendar month following the giving of Notice of resignation by Operator of action by Non-Operators to remove Operator, unless a successor Operator has been selected and assumes the duties of Operator at an earlier date. Notwithstanding anything in this Agreement to the contrary, Operator may not transfer or assign its rights of operation without the written consent of Non-Operator in the leasehold estates described in Exhibit “A”.
RESIGNATION AND REMOVAL OF OPERATOR. 5.1 Geopozos shall be the Operator until such time ROG or its assignee has been approved by Ecopetrol to assume operatorship, scheduled not to exceed 12 months. Operator may resign at any time by giving notice to the Parties. Such resignation shall not become effective until four (4) months after said notice, unless prior to said period a successor Operator has assumed the duties of the Operator and Ecopetrol has waived the six (6) months requirement in Clause 10.4 of the Ecopetrol Contract. The successor Operator may not assume such duties until it has been qualified to do business in Colombia, and until Ecopetrol has approved the appointment of the successor Operator.
RESIGNATION AND REMOVAL OF OPERATOR. Operator may resign at any time by giving notice thereof to Non-Operators. If Operator terminates its legal existence, or is no longer capable of serving as Operator, Operator shall be deemed to have resigned without any action by Non-Operators, except the selection of a successor. Operator may be removed if it fails or refuses to carry out its duties hereunder, or becomes insolvent, bankrupt, or is placed in receivership, by the affirmative vote of those Non-Operators owning a majority interest based on ownership and not on the number of parties remaining after excluding the voting interest of Operator. Such resignation, termination, or removal will not become effective until 7:00 a.m. on the first day of the calendar month following the automatic termination, giving of such notice of resignation by Operator or action by the Non-Operators to remove Operator, unless a successor Operator has been selected and assumes the duties of Operator at an earlier date. Operator, after the effective date of resignation, termination or removal shall be bound by the terms hereof as a Non-Operator. Notwithstanding anything herein to the contrary, Operator may transfer and assign its rights of operation to include all rights granted Operator in this Agreement. Upon the resignation, termination, or removal of Operator, the successor Operator will be selected by the affirmative vote of those parties owning a majority interest based on ownership, and not on the number of parties. In the event Operator is removed pursuant to the provisions of this Article and fails to vote or votes only to succeed itself, the successor Operator shall be selected by the affirmative votes of those parties owning a majority interest based on Ownership and not on the number of parties remaining after excluding the voting interest of the Operator that was removed. A change of corporate name or structure of Operator or transfer of operator’s interest to a subsidiary, parent or successor corporation shall not be basis for termination of removal of Operator.
