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§ 2163. Assignment of Contract.

2 CA ADC § 2163BARCLAYS OFFICIAL CALIFORNIA CODE OF REGULATIONS

Barclays Official California Code of Regulations Currentness
Title 2. Administration
Division 3. State Property Operations
Chapter 1. State Lands Commission
Article 3.5. Disposal of Royalty Oil, Gas or Other Hydrocarbons (Refs & Annos)
2 CCR § 2163
§ 2163. Assignment of Contract.
Any sales contract issued under the provisions of this article may be assigned, subject to approval by the Commission, to any person, association of persons, or corporation who, at the time of the proposed assignment, possesses the qualifications provided in this article. Any assignment shall take effect as of the first day of the month following the approval by the Commission and filing with the Commission of an executed counterpart thereof, together with any bond and proof of qualification of the assignee to take or hold such sales contract. Unless approved by the Commission, no assignment shall be of any effect. Such assignment shall be made upon the express condition that such assignment does not and shall not release or relieve the Assignor from any obligation to the State under the terms of said sales contract, and that the State may hold the Assignor liable for the faithful performance of any and all obligation of the Purchaser under said sales contract; and, further, that the Assignee shall be bound by the terms of said sales contract to the same extent as if such Assignee were the original Purchaser, any conditions in the assignment agreement to the contrary notwithstanding.
This database is current through 1/7/22 Register 2022, No. 1
2 CCR § 2163, 2 CA ADC § 2163
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