279 ENERGY LAW In line with economic developments and various needs, mergers and divisions often take place before legal persons. Especially in merger and division transactions performed by license holder legal persons, aside from the procedures to be followed in accordance with the TCC, the license transfer process before the EMRA is a process that must be carried out carefully. The EMRA’s approval must be obtained before the relevant transaction is taken regarding the said merger or demerger transaction. If the merger or division process is not completed within six months from the date of permission of the EMRA, the granted permission becomes invalid. In this case, the merger or division process cannot be continued without obtaining new permission through the decision of the EMRA. However, as stated, above, the rights and obligations of a legal person holding a production license may be transferred to another legal person established with the same partnership structure. However, if the owner of the production license is a public legal person, the rights and obligations may only be transferred to another legal person, and established by this legal person with 100 percent of the shares. In the case of changes in the partnership structures of legal entities whose licenses are approved by the Board as a continuation of the former license, except for publicly held shares, until the relevant legal entity is granted a license, the license applications of these legal entities are rejected by the decision of the Board. Application for a New License as a Continuation of the Former License In order to transfer the license, firstly, approval must be obtained from the EMRA according to the nature of the transactions listed, above. The decision of the EMRA regarding the approval of the transaction is notified to the relevant institutions or organizations. Board approval is given provided that the obligations under the Regulation are fulfilled. In the approval letter of the EMRA, according to the process subject to the application; (i) the time requirement for the execution of the transaction, and (ii) the notification requirement after the transaction, may be identified. It is necessary to pay attention to the conditions in the approval letter of the EMRA, the obligations requested to be fulfilled, and the periods, if any, by the legal persons.
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