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

Page 8 of 29
B  896
(b)  enter into any project site owned or being administered by the trust
to inspect the progress of any project embarked on by the trust;
(c)  carry out enquiries, audits or investigations and take other steps to
monitor the activities of the trust; and
(d)  take any other step prescribed by the Act and regulations made by
the Authority, to ensure compliance with the provisions of the Act and these
Regulations.
(3)  The Board of Trustees shall ensure that the trust and fund are
equitably administered and managed in accordance with the provisions of the
Act and these Regulations.
(4)  Where the Authority determines that there has been or likely to be —
(a)  a contravention of the Act, these Regulations or the constitution of
the trust ; or
(b)  any misconduct or mismanagement in the administration of the fund,
the Authority shall give notice to the licensee of the contravention,  misconduct
or mismanagement, and shall direct the licensee to take remedial action, within
such time frame, as may be specified by the Authority in the notice.
11.—(1)  The licensee or trustees shall not dissolve the trust without the
prior approval of the Authority.
(2)  Where the licensee or trustees intend to dissolve the trust, the licensee
or trustee shall submit to the Authority —
(a)  the reason for the dissolution of the trust;
(b)  the proposed timeframe for the dissolution of the trust;
(c)  process for the dissolution of the trust; and
(d)  any other information the Authority may require.
(3)  The Authority may approve the dissolution of a trust where the —
(a)  object of the trust has been fully realised;
(b)  licence of the licensee has been revoked;
(c)  Fund has been exhausted and not replenished; or
(d)  trust has not carried out the objects for which it was set up.
(4)  Where the Authority refuses to approve the proposed dissolution of
a trust, it shall give reason for such refusal.
(5)  Where the Authority approves the dissolution of a trust, the trust
shall be dissolved in accordance with the provisions of the Companies and
Allied Matters Act or any other applicable law.
(6)  The cost of dissolving the trust shall be defrayed from the Fund.
Dissolution
of trust