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 8 of 35 
 
 
(3) The Authority may also revoke the licence of the defaulting 
licensee or operator for failure to incorporate a trust after the 
notice period stipulated in sub-regulation (1) of this regulation. 
 
(4) 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 3 of these Regulations, the 
Authority shall not approve such application unless the licensee 
has paid to the Authority the penalty prescribed in sub-regulation 
(2) of this regulation. 
 
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.  
 
(2) The Authority in the exercise of its supervisory and oversight powers 
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, where the Authority believes that there is or has 
been any mismanagement in the administration of the trust or the 
Trust Fund;  
(b) 
enter into any project site owned by or being administered 
by the trust for the purpose of inspecting 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 steps prescribed by the Act and Regulations 
made by the Authority, to ensure compliance with the provision 
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 it appears to the Authority that there has been or likely to be 
a contravention of the Act, these Regulations or the constitution of 
the trust, or there has been any misconduct or mismanagement in 
the administration of the fund, the Authority shall give notice to the 
licensee, Board of trustees or the operator where applicable of the 
Trust 
Administration