Common use of Successor Depositary Clause in Contracts

Successor Depositary. The Depositary may at any time resign as Depositary hereunder by at least 60 days prior written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. The Depositary may at any time be removed by the Company by providing no less than 60 days prior written notice of such removal to the Depositary. Notwithstanding anything to the contrary contained herein, in case at any time the Depositary acting hereunder shall resign or be removed, it shall continue to act as Depositary for the purpose of terminating this Deposit Agreement pursuant to paragraph (17) of the form of ADR; provided that no such termination shall occur until such time as the Company has appointed a new Depositary and such new Depositary has accepted such position. In the context of any resignation or removal, upon payment of all sums due the Depositary, the Depositary shall provide the Company with a copy of its Holder records and make available to or upon the order of the Company all of the Deposited Securities held hereunder and shall cooperate with the new Depositary in this regard. Any bank or trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document or any further act.