NEWSLETTER-2019-metin

381 MISCELLANEOUS require from the organizations who apply for a service permit to pro- vide a bid bond and the organizations whose applications have been accepted to provide a performance guarantee, both in the form of an unconditional bank letter of guarantee for an indefinite period of time, as described under Article 14 of the Regulation. The Administration is entitled to introduce additional conditions. Other Restrictive and Punitive Provisions The Regulation, through Articles 16 and 17, introduces several restrictive measures for towage and/or pilotage organizations, some of which are listed, below: • Service permits, as well as operations licenses, cannot be transferred. • Share transfers that will cause a change in the shareholding structure of the authorized pilotage and/or towage organiza- tions, as well as of their shareholders, shall be notified to the Administrative for obtaining approval. The transferees are required to possess the conditions required as per the Re- gulation. In the event of a share transfer without obtaining the approval of the Administration, the service permit of the subject organization shall be cancelled. • In the event of transfer of the port facilities, if the pilotage and/or towage services were being provided by the company who transferred the port facilities, the service permit shall be deemed cancelled without any notification. The company who acquired the port facilities is required to apply for a ser- vice permit within one month following the acquisition. • Company owners, shareholders or those authorized to mana- ge the company, as well as their first-degree family members in a pilotage and towage organization, cannot take office in another pilotage and towage organization, and cannot enga- ge in operational business and transactions related to such sector.