The New York Notice of Change of Operator Under Unit Operating Agreement is a legal document that outlines the process and requirements for changing the operator of an oil or gas unit in the state of New York. This agreement is an essential part of the regulatory framework in the energy sector and ensures proper communication and compliance with the New York State Department of Environmental Conservation (NYSE). The Notice of Change of Operator is filed when there is a need to transfer the responsibility of operating a specific unit from one party to another. This could occur due to various reasons, such as the sale of assets, termination of an existing operator, or a mutually agreed-upon change in responsibilities. The document typically includes vital information such as the specific unit and lease identification, the names and contact details of the current and new operators, effective dates of the change, and any relevant agreements regarding financial responsibilities, liabilities, and obligations of the involved parties. There are different types of New York Notice of Change of Operator Under Unit Operating Agreements, categorized based on specific circumstances: 1. Voluntary Change: This type of agreement occurs when the current operator voluntarily chooses to transfer the unit's operation to a new operator. It requires mutual consent and ensures a smooth transition between operators. 2. Forced Change: In certain situations, the NYSE may require a change of operator due to violations, non-compliance with regulations, or other factors affecting the operation's integrity. This agreement ensures the new operator pledges to rectify any issues and maintain compliance. 3. Sale of Assets: When there is a sale or transfer of oil or gas assets in a unit, a Change of Operator agreement is necessary to transfer operational responsibilities to the buyer. This document specifies the terms of the transfer, including financial considerations and liabilities. 4. Termination of Operator: If the current operator is unable or unwilling to continue operations, the Notice of Change of Operator is filed to identify a new operator that will take over operations. This agreement protects the interests of the unit, its stakeholders, and the environment by ensuring a smooth transition. It is crucial to note that any change in the operator of an oil or gas unit must be notified to the NYSE to maintain compliance with relevant regulations. Failure to file the Notice of Change of Operator Under Unit Operating Agreement may result in penalties, operational restrictions, or other legal consequences.
New York Notice of Change of Operator Under Unit Operating Agreement
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How to fill out Notice Of Change Of Operator Under Unit Operating Agreement?
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FAQ
The document that most states call an operating agreement or an LLC agreement is called a company agreement under the Texas Limited Liability Company law. These three terms?company agreement, operating agreement, and LLC agreement?are synonyms.
Domestic and foreign business corporations are required by Section 408 of the Business Corporation Law to file a Biennial Statement every two years with the New York Department of State.
The LLC operating agreement should state if and when member meetings will be held and include any rules regarding how, when, and where votes will be taken; who has voting rights; how many voting members must be present for a quorum; how many votes are required to approve an action; and whether members can vote by proxy ...
Key Elements of an LLC Operating Agreement Equity Structure. ... Management. ... Voting Rights. ... Limitation of Liability. ... Books and Records. ... Anti-Dilution Protection. ... Restriction on Transfer. ... Confidentiality and Non-Compete Clauses.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
Common pitfalls of a poorly drafted Operating Agreement include failing to: (i) specify what authority managers or members have; (ii) carve out key decisions that require a higher approval threshold (e.g., dissolution, sale of all or substantially all of the assets of the LLC, etc.); (iii) address how deadlocks in the ...
No manufactured home park owner or operator shall deny any manufactured home tenant the right to sell his manufactured home within the manufactured home park provided the manufactured home tenant shall give to the manufactured home park owner or operator twenty days' written notice of his intention to sell, provided ...
The members of an LLC are required to adopt a written Operating Agreement. See Section 417 of the Limited Liability Company Law. The Operating Agreement may be entered into before, at the time of, or within 90 days after the filing of the Articles of Organization.
