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 9 of 35 contravention, misconduct or mismanagement, and shall direct the licensee to take such remedial action, within such time frame, as may be specified by the Authority in the notice. (5) Where the licensee fails to undertake the specified remedial action or fails to comply with the directives of the Authority pursuant to sub-regulation (4) of this regulation, the licensee shall be liable to administrative penalty of N5,000,000.00. (7) The administration of trust shall be subject to the provisions of the Companies and Allied Matters Act and any other applicable law in force. 11. (1) The trustees and the licensee shall not wind up or dissolve the trust except with the approval of the Authority. (2) Where the trustees or licensee, as the case may be, intends to wind up or dissolve the trust, the trustees or licensees shall submit to the Authority- a) the reason for the winding up or dissolution of the trust; b) the proposed timeframe for the winding up or dissolution of the trust; c) process for the winding up or dissolution of the trust; and d) any other information the Authority may direct. (3) The Authority may in its discretion, approve or refuse to approve the proposed dissolution of the trust. (4) The Authority may approve the dissolution of a trust where – (a) the trust is no longer required; (b) the object of the trust has been fully realised (c) the licence of the licensee has expired or been revoked; (d) the Fund has been fully exhausted and not replenished or (e) the trust has not carried out the objects for which it was set up. (5). Where the Authority refuses to approve the proposed dissolution of a trust, it shall give reason for doing so. Winding up and dissolution of the trust
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