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 18 of 35

 
 
 
 
Page 18 of 35 
 
collection account shall be paid and utilised in 
accordance with these Regulation. 
 
(4). The funds in each of the accounts comprising the Fund shall remain 
distinct and shall not be co-mingled. 
(5) Upon establishment of the Fund, the licensee shall submit to the 
Authority - 
(a) 
details of each of the bank accounts and sub-
accounts comprising the Fund; 
(b) 
details of signatories to the bank account and 
sub accounts, which shall comprise of representatives 
of the licensee and Board of trustees;  
(c) 
a copy of the licensee's board resolution 
approving the opening of the bank accounts and sub-
accounts comprising the Fund and the bank account 
mandate; and  
(d) 
a 
forecast 
of 
the 
contributions 
for 
the 
subsequent five years. 
 
(6) 
Where the credit rating of a bank in which the Fund is 
domiciled declines below the prescribed rating under these 
Regulations, the Board of Trustees shall within one month, transfer the 
fund to a bank with the prescribed rating and shall submit to the 
Authority - 
(a) 
details of each of the bank accounts and sub-
accounts comprising the Fund; 
(b) 
details of signatories to the bank account and 
sub–accounts, which shall comprise of representatives 
of the licensee and board of trustees; and  
(c) 
a copy of the Board of Trustees’ resolution 
approving the opening of the bank accounts and sub-
accounts comprising the fund and the mandate of 
bank account. 
 
(7) 
The Board of Trustees or licensee as may be applicable, shall 
not change the signatories, mandate, name or other details of the 
Fund or change the bank where the Fund is domiciled, without the 
prior approval of the Authority.