Petroleum Resources Act 2003 · இயற்றப்பட்டவாறு · Part III · Petroleum Resources Agreement, Exploration Blocks and Development Licences
15. Transfer of participating interest in a Development License
அதிகாரப்பூர்வ ஆங்கில மொழிபெயர்ப்பு. சிங்கள அல்லது தமிழ் உரையிலிருந்து வேறுபடும் இடங்களில் எந்த உரை மேலோங்கும் என்பதைச் சட்டமே குறிப்பிடுகிறது.
அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
(1)
A Contractor may, with the approval of the Cabinet of Ministers and subject to such conditions as may be imposed by them in this regard, have the right to transfer or assign his participating interest in a Development License.
(2)
The Cabinet of Ministers shall grant approval for the transfer or assignment of a participating interest of a contractor, provided that :
(a)
the assignee or transferee is of good standing, has financial capability to meet his obligations and is willing to provide an unconditional undertaking to the PRDC to perform its obligations and to provide the guarantees as provided in the relevant Petroleum
Resource Agreement ;
(b)
the assignee or transferee is not a company incorporated in a country with which the State has restricted trade or business ;
(c)
the assignor or transferor and assignee or transferee respectively, are willing to comply with any reasonable conditions as may be imposed by the
Cabinet of Ministers, to ensure effective performance of the Agreement ; and
(d)
the assignment or transfer will not adversely affect the performance of obligations under the Agreement or in any manner whatsoever be construed to be contrary to the interests of the State.
(3)
A contractor aggrieved by the decision of the Cabinet of Minister,
(a)
withholding approval for a transfer or assignment;
or
(b)
imposing conditions subject to which the approval for the transfer or assignment is given, may have recourse to the procedure specified in the relevant
Petroleum Resources Agreement for resolution of the matter.