Common use of Voting rules Clause in Contracts

Voting rules. 5.1 Unless otherwise specified in this Agreement, each Member casts vote in accordance with the Unit Interest of his Party. 5.2 Unless otherwise specified in this Agreement, a decision by the Management Committee is adopted when at least y of the Members representing at least x % of the Unit Interests have voted in favour of a proposal, [provided, however, that {one or more individualized company(ies)/public entity(ies)} do not constitute a quorum.] [The Manager shall not be party to information nor exercise any voting rights on decisions regarding sources of procurement to the activities. When calculating the individual Party's proportional voting right when voting over sources of procurement, the Manager's voting right shall be distributed among the other Parties in proportion to their Unit Interests so that the total voting rights in such cases are distributed as follows: X ……..% Y ……..% Z ……..% In such cases, a decision is adopted by the Management Committee when at least y' of these Parties representing at least x' % of the Unit Interest have voted in favour of the proposal.] The Management Committee shall make no decision which could render an unreasonable advantage to certain Parties or others to the detriment of other Parties or the Unit. 5.3 [Special voting rule if necessary to accommodate specific needs for the individual units] 5.4 [The State or the Manager may oppose a decision by the Management Committee which would not respect the conditions and requirements, specified in this Production Licence, regarding the State's depletion policies or the State's financial interests. If the Manager's Member in the Management Committee declares that an adopted decision is of a nature as described in paragraph one, such decision cannot be executed. If the matter is not brought before the Ministry within 4 weeks after the day of adoption, the decision may nevertheless be executed.] 5.5 In case of changes to the License Interest and corresponding changes in the Unit Interest, be it a change in the number of Parties or Unit Interests, the Unit shall propose new voting rules. The voting rules are subject to the Ministry's approval. If the Unit does not submit any proposal, the Ministry may determine new voting rules for the Unit. The new voting rules shall be formulated so as to influence each Party's proportional voting right as little as possible.

Voting rules. 5.1 Unless otherwise specified in this Agreement, each Member casts vote in accordance with the Unit Interest of his Party. 5.2 Unless otherwise specified in this Agreement, a decision by the Management Committee is adopted when at least y of the Members representing at least x % of the Unit Interests have voted in favour of a proposal, [provided, however, that {one or more individualized company(ies)/public entity(ies)} do not constitute a quorum.] [The Manager shall not be party to information nor exercise any voting rights on decisions regarding sources of procurement to the activities. When calculating the individual Party's proportional voting right when voting over sources of procurement, the Manager's voting right shall be distributed among the other Parties in proportion to their Unit Interests so that the total voting rights in such cases are distributed as follows: X ……..% Y ……..% Z ……..% In such cases, a decision is adopted by the Management Committee when at least y' of these Parties representing at least x' % of the Unit Interest have voted in favour of the proposal.] The Management Committee shall make no decision which could render an unreasonable advantage to certain Parties or others to the detriment of other Parties or the Unit. 5.3 [Special voting rule if necessary to accommodate specific needs for the individual units] 5.4 [The State or the Manager may oppose a decision by the Management Committee which would not respect the conditions and requirements, specified in this Production Licence, regarding the State's depletion policies or the State's financial interests. If the Manager's Member in the Management Committee declares that an adopted decision is of a nature as described in paragraph one, such decision cannot be executed. If the matter is not brought before the Ministry within 4 weeks after the day of adoption, the decision may nevertheless be executed.] 5.5 In case of changes to the License Interest and corresponding changes in the Unit Interest, be it a change in the number of Parties or Unit Interests, the Unit shall propose new voting rules. The voting rules are subject to the Ministry's approval. If the Unit does not submit any proposal, the Ministry may determine new voting rules for the Unit. The new voting rules shall be formulated so as to influence each Party's proportional voting right as little as possible.

Voting rules. 5.1 3.1 Unless otherwise specified in this Agreement, each Member casts vote in accordance with the Unit Interest Participating interest of his Party. 5.2 3.2 Unless otherwise specified in this Agreement, a decision by the Management Committee management committee is adopted when at least y of the Members representing at least x % of the Unit Interests Participating interests have voted in favour of a proposal, [provided, however, that {one or more individualized company(ies)/public entity(ies)} do not constitute a quorum.] [The Manager shall not be party to information nor exercise any voting rights on decisions regarding sources of procurement to the activities. When calculating the individual Party's proportional voting right when voting over sources of procurement, the Manager's voting right shall be distributed among the other Parties in proportion to their Unit Interests Participating interests so that the total voting rights in such cases are distributed as follows: X ……..% Y ……..% Z ……..% In such cases, a decision is adopted by the Management Committee management committee when at least y' of these Parties representing at least x' % of the Unit Interest Participating interest have voted in favour of the proposal.] The Management Committee management committee shall make no decision which could render an unreasonable advantage to certain Parties or others to the detriment of other Parties or the Unitjoint venture. 5.3 [Special voting rule if necessary to accommodate specific needs for the individual units] 5.4 3.3 [The State or the Manager may oppose a decision by the Management Committee management committee which would not respect the conditions and requirements, specified in this Production Licence, regarding the State's depletion policies or the State's financial interests. If the Manager's Member in the Management Committee management committee declares that an adopted decision is of a nature as described in paragraph one, such decision cannot be executed. If the matter is not brought before the Ministry of Petroleum and Energy (“the Ministry”) within 4 weeks after the day of adoption, the decision may nevertheless be executed.] 5.5 3.4 Matters concerning the relinquishment of acreage within the licence area or surrender of the Production Licence require a unanimous decision by the management committee. 3.5 In case of changes to the License Interest and corresponding changes in the Unit Interestjoint venture, be it a change in the number of Parties participants or Unit Interestsof the Participating interests, the Unit joint venture shall propose new voting rules. The voting rules are subject to the Ministry's approval. If the Unit joint venture does not submit any proposal, the Ministry may determine new voting rules for the Unitjoint venture. The new voting rules shall be formulated so as to influence each Party's proportional voting right as little as possible.

Voting rules. 5.1 3.1 Unless otherwise specified in this Agreement, each Member casts vote in accordance with the Unit Interest Participating interest of his Party. 5.2 3.2 Unless otherwise specified in this Agreement, a decision by the Management Committee management committee is adopted when at least y of the Members representing at least x % of the Unit Interests Participating interests have voted in favour of a proposal, [provided, however, that {one or more individualized company(ies)/public entity(ies)} do not constitute a quorum.] [The Manager shall not be party to information nor exercise any voting rights on decisions regarding sources of procurement to the activities. When calculating the individual Party's proportional voting right when voting over sources of procurement, the Manager's voting right shall be distributed among the other Parties in proportion to their Unit Interests Participating interests so that the total voting rights in such cases are distributed as follows: X ……..% Y ……..% Z ……..% In such cases, a decision is adopted by the Management Committee management committee when at least y' of these Parties representing at least x' % of the Unit Interest Participating interest have voted in favour of the proposal.] The Management Committee management committee shall make no decision which could render an unreasonable advantage to certain Parties or others to the detriment of other Parties or the Unitjoint venture. 5.3 [Special voting rule if necessary to accommodate specific needs for the individual units] 5.4 3.3 [The State or the Manager may oppose a decision by the Management Committee management committee which would not respect the conditions and requirements, specified in this Production Licence, regarding the State's depletion policies or the State's financial interests. If the Manager's Member in the Management Committee management committee declares that an adopted decision is of a nature as described in paragraph one, such decision cannot be executed. If the matter is not brought before the Ministry of Petroleum and Energy (“the Ministry”) within 4 weeks after the day of adoption, the decision may nevertheless be executed.] 5.5 3.4 Matters concerning the relinquishment of acreage within the licence area or surrender of the Production Licence require a unanimous decision by the management committee. 3.5 In case of changes to the License Interest and corresponding changes in the Unit Interestjoint venture, be it a change in the number of Parties participants or Unit Interestsof the Participating interests, the Unit joint venture shall propose new voting rules. The voting rules are subject to the Ministry's approval. If the Unit joint venture does not submit any proposal, the Ministry may determine new voting rules for the Unitjoint venture. The new voting rules shall be formulated so as to influence each Party's proportional voting right as little as possible.