Transfer and assignment.
Section 11
SEC. 11. Transfer and assignment. — That rights and obligations under a contract executed under this Act shall not be assigned or transferred without the prior approval of the Petroleum Board: Provided, That with respect to the transfer or assignment of contractual rights and obligations under this Act to an affiliate of the transferor, the approval thereof by the Petroleum Board shall be automatic, if the transferee is as qualified as the transferor to enter into such contract with the Government: Provided, further, That the affiliate relationship between the original transferor or a company which holds at least fifty per cent of the Contractor's outstanding shares entitled to vote and each transferee shall be maintained during the existence of the contract.