Library / Page 1 of 35 MIDSTREAM PETROLEUM HOST COMMUNITIES DEVELOPMENT TRUST REGULATIONS, 2024

Page 1 of 35 MIDSTREAM PETROLEUM HOST COMMUNITIES DEVELOPMENT TRUST REGULATIONS, 2024

Page 10 of 35

 
 
 
 
Page 10 of 35 
 
 
(6). 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, 2020 or any other applicable 
law in force. 
 
(7) The cost of dissolving the trust shall be met from the Fund. 
 
12. (1) A licensee shall – 
 
(a)prior to the incorporation of a trust, appoint the first trustees 
in consultation with the host communities; and  
(b)in consultation with the advisory committee, appoint 
additional or replacement trustees, other than the first 
trustees.  
 
(2) The number of the Trustees shall be an odd number, not 
exceeding five members, reflecting the diversity of the host 
community; 
 
(3) The licensee shall determine the criteria for the appointment 
of trustees, the selection process, remuneration, discipline, 
qualification, disqualification, suspension and removal of any 
member of the Board of Trustees.  
 
(4) Without prejudice to the provisions of the Act and these 
Regulations, a licensee shall give due consideration to 
diversity as it relates to age, gender and physical disability in 
determining the criteria for appointment to the Board of 
Trustees. 
 
(5) Members of the Board of Trustees shall serve for a single term 
of four years and no more.  
 
Appointment 
of 
Trustees  
 
13. (1) The licensee shall, prior to the appointment of a trustee, submit 
to the Authority an application for approval of the trustee. 
 
(2) The application shall be submitted to the Authority with the 
following information and documents- 
(a) 
the draft constitution of the trust; 
(b) 
the draft advert prior to its publication; 
Approval of 
trustees by the 
Authority