Library / Midstream Petroleum (Host Communities Development Trust) Regulations 2024
Midstream Petroleum (Host Communities Development Trust) Regulations 2024

Page 18 of 29
B  906
(6)  Any money not utilised from the administrative expense fund at the
end of each year shall be remitted into the capital fund account.
27.  Withdrawals shall not be made from the Fund —
(a)  unless one of the signatories to the account authorising the withdrawal
is the representative of the licensee;
(b)  unless the withdrawal complies with an annual host community
development plan submitted to the Authority; or
(c)  where the withdrawal overdraws or takes the account into negative
balances.
28.—(1)
Where the available sum for the administration of the Fund is
insufficient, the licensee shall have the power to make the following necessary
adjustments to cater to the ongoing operations —
(a)  reduction of the number of members of the Board of Trustees,
provided that the number of members of the Board of Trustees shall not be
less than three at any given period;
(b)  discontinue contribution to the reserve fund, disengage the Fund
Manager or decline to hire a Fund Manager in accordance with these
Regulations;
(c)  reduction of the frequency of meetings of the Board of Trustees,
provided that the number of meetings held by the Board of Trustees in a
year shall not be less than four;
(d)  reduction of the number of members of the management committee
under section 247 of the Act, provided that such number of members shall
not fall below five at any given period;
(e)  reduction of the frequency of meetings of the management
committee, provided that the management committee shall meet at least
four times in a year; and
(f )  reduction of the frequency of meetings of the host communities
advisory committee under section 249 of the Act, provided that the number
of meetings shall not fall below four times in a year.
(2)  Where there are more host communities than the required seats on
the Board of Trustees, the licensee shall, in consultation with the communities
involved and with the prior approval of the Authority, place the host communities
into clusters and membership of the Board of Trustees shall be rotated among
the clusters.
Withdrawals
from the
Fund
Reduction of
administrative
cost