QUOTE ASSIGNMENT AND CONTROL OF CONTRACTOR 29.1. In accordance with the Petroleum Code, the rights and obligations under this Agreement may not be assigned, in whole or in part, by anyone which of the entities constituting the Contractor without the prior approval of the Minister. The transfer must include all of the rights and obligations relating to this Agreement. If within sixty (60) days of notification of the planned sale Ministœ accompanied by the surrender, it nta notified its reasoned objection, this assignment will be deemed to have been approved by the Minister on the expiry of time limit. As of the date of approval, the transferee (s) the Contractor will gain quality and must meet the obligations imposed on the Contractor by the Petroleum Code and under this Agreement to which they have previously signed the surrender. In case of transfer to an Affiliate, the Minister authorize such assignment and may request, if necessary, the parent company submits to the Minister for approval a security for the performance of obligations under this Agreement. 29.2. The Contractor shall also submit to the prior approval of the Minister: a) Any change in person or project that would likely bring, including through a new distribution of social securities, a change in the Contractor's control or entity constituting the Contractor. Contractor shall be considered as control elements or entity constituting the Company's share capital ownership, the nationality of the majority shareholders and the statutory provisions relating to the registered office and the rights and obligations attached to social securities. However, the assignment of registered shares in Affiliated Companies will be free. As for the assignment of registered shares to the Third Party, they will be subject to the approval of the Minister if they have the effect of putting in the hands of these more than twenty-five percent (25%) of the capital of 'business.b) Any proposed security rights on property and equipment assigned to the Petroleum Operations.The projects referred to in this Article 29.2 shall be notified to the Minister. If in a period of sixty. (60) days of such notification, the Minister has not notified the Contractor its reasoned objection projects audits, these are deemed approved.
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