Common use of Changes to the Appointing Members Clause in Contracts

Changes to the Appointing Members. (a) The Appointing Members for an Agent Member may, acting jointly, from time to time on application to the Operator containing the information specified by the Operator: (i) include an additional person as an Appointing Member for the Agent Member; or (ii) remove a Member as an Appointing Member for the Agent Member. (b) Any application under paragraph (a) must contain the information specified by the Operator and must be accompanied by information in a form satisfactory to the Operator evidencing: (i) in the case of an additional Appointing Member, that the additional Appointing Member has appointed the proposed Agent Member to act as its agent for the purposes of this Agreement jointly with the other Appointing Members and in respect of the same participant category, and that the Agent Member has accepted that appointment; and (ii) in both cases, that all Appointing Members for that Agent Member have given their consent to such change. (c) If the Operator is satisfied that the application is in order, then the Operator must accept the application and take the necessary steps to implement the change under this Agreement. (d) A Member who is removed as an Appointing Member for an Agent Member: (i) may request the termination of its Membership Agreement; (ii) for so long as it continues as a Member: (A) must comply with all the obligations applicable to it as a Member including the appointment of representatives under clause 5.3; and (B) is automatically suspended from access to and use of the Trading System until the Operator gives the Member the confirmation referred to in clause 6.1(b).