THE HYDROCARBONS (PROSPECTING, EXPLORATION ... - PGS

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(b) Where the provisions of subsection (7)(a)(i) apply, the
entity shall inform the Minister whenever a change is
made in the name or ownership of the entity that holds a
valid licence or the composition of the entity or where
there is a transfer of the licence or assignment of rights
arising from the licence. Where this obligation is not
fulfilled, the granted licence may be cancelled and the
entity shall be liable for the cancellation.
(c)
No person may possess a licence when the provisions of
subsection (7)(a)(i) apply, without the prior approval of the
Council of Ministers.
(d) Any entity that possesses a licence in accordance with
the provisions of subsection (7)(a)(i), without the prior
approval of the Council of Ministers, is guilty of an offence
and shall be liable, on conviction, to imprisonment for a
term not exceeding twelve months or to a fine not
exceeding five hundred thousand Cyprus pounds or to
both such fine and imprisonment.
Establishment of
the Consultation
Committee.
6.-(1) For the purpose of this Law, a Consultation Committee is
established, which is composed of the following members:
(a)
the Permanent Secretary of the Ministry of Commerce,
Industry and Tourism, who acts as the Chairman of the
Committee, or his representative;
(b) the Attorney General of the Republic or his
representative;
(c)
the Permanent Secretary of the Ministry of Foreign
Affairs or his representative;
–THIS IS NOT AN OFFICIAL TRANSLATION–