Library / Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022
Midstream and Downstream Gas Infrastructure Fund Regulations Under Section 52 Petroleum Industry Act (2021). DRAFT DATE: 10/06/2022
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6(1) A member of the Council who has any personal interest in any matter to be considered by the Council in respect of any investment of the Fund or in any contract or arrangement to be entered into or proposed to be entered into by the Fund shall disclose in writing the nature of such interest to the Council and shall not vote or participate in the deliberations on any question relating to such matter, contract or arrangement. (2) A member who contravenes Regulation 6(1) shall cease to be a member of the Council and shall in addition be guilty of an offence punishable under the law. Allowances of members of the council of the Fund 7. Members of the Council shall be entitled to an annual allowance in accordance with the Act. Such allowance shall be paid from the administrative fund, in accordance with the approved guidelines by the Revenue Mobilisation Allocation and Fiscal Commission. The Council shall disclose the annual allowances paid to members and such disclosure shall be done pursuant to Regulation 21(8)(c) of these Regulations. Meetings of the Council 8.(1) The Council shall meet not less than four times in every financial year and the time between two meetings shall not be more than four months. (2) A written notice of every meeting shall be given to every member of the Council by the Secretary of the Council at least 14 days before the meeting. (3) The Chairman of the Council shall preside at every meeting of the Council. If the Chairman is unable to attend a meeting of the Council, the Chairman shall nominate another member of the Council to act as a Chairman for the purpose of that meeting and that person so nominated shall have the same powers as the Chairman. (4) The Secretary of the Council referred to under section 52(4)(g) of the Act shall keep a record of minutes of all meetings of the Council. (5) The quorum for any meeting shall be five members of the Council. Voting 9(1) At any meeting of the Council, each member present shall have a deliberative vote, unless such member cannot vote under Regulation 6(1) of these Regulations. (2) In the case of an equality of votes, the Chairman shall have a casting vote in addition to a deliberative vote. (3) All decisions shall be by a simple majority of votes cast by members attending and voting at any meeting.
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