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

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Page 22 of 35 
 
(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 or 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 seats on the Board of 
Trustees, the licensee shall, 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. 
 
Reduction of 
administrative 
costs 
29 (1) The capital fund and administrative cost fund shall be managed 
by the Board of Trustees and licensee respectively, who shall ensure 
that any payments into and out of the accounts shall be in 
accordance with the Act and the host communities development 
plan approved by the Authority.  
 
(2) The Board of Trustees and licensee in administering the capital 
fund and administrative cost fund shall - 
Management of 
the Capital Fund 
and the 
Administrative 
Cost Fund