Library / B 889 Federal Republic of Nigeria Official Gazette No. 189
B 889 Federal Republic of Nigeria Official Gazette No. 189

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B 895
(f )  the host communities development plan as prescribed in these
Regulations ; and
(g)  a fund matrix as prescribed in these Regulations.
8.—(1)  The Authority shall within 60 days of receipt of the documents
submitted by the licensee pursuant to regulation 7 of these Regulations, notify
the licensee of its decision to approve or refuse the application.
(2)  Where the Authority refuses the licensee’s application, the
Authority  —
(a)  shall provide the licensee with the reason for refusal ; and
(b)  may direct the licensee to amend its application and resubmit it
within 30 days.
(3)  Where the Authority fails to communicate its decision to the licensee
within the 60 days period specified in sub-regulation (1) of this regulation, the
licensee’s application is deemed approved, and the licensee shall be entitled to
proceed with the implementation of its obligation in relation to the host
community development trust.
9.—(1)  Where a licensee or operator appointed by a licensee fails to
incorporate a trust as stipulated in section 236 (c) and (f ) of the Act, the
Authority may issue to such defaulting licensee or operator, a notice in writing
of its failure to incorporate a trust and direct the licensee to incorporate the
trust within 90 days.
(2)  Where a licensee applies for the approval of the Authority to
incorporate a trust outside the time limit stipulated by section 236 (c) and (f )
of the Act and regulation 6 of these Regulations, the Authority shall not approve
such application until the licensee has paid to the Authority the administrative
penalty prescribed in regulation 37 (2) of these Regulations.
(3)  The penalty referred to in subregulation (2) of this regulation shall
not be applicable where the Authority is satisfied that the failure to incorporate
the trust within the prescribed time  was as a result of circumstances outside
the control of the licensee.
10.—(1)  A trust shall be administered in accordance with the provisions
of the Act, these Regulations, the constitution of the trust and any other
applicable law, not inconsistent with the provisions of the Act.
(2)  The Authority, in the exercise of its supervisory and oversight
responsibilities, may —
(a)  require information from the licensee, the Board of Trustees or the
Fund Manager relating to the administration of the trust or the Trust Fund ;
Approval
by the
Authority
Failure to
incorporate
a trust
Trust
administration