235.—(1) The settlor shall incorporate host communities development trust (in this Act referred to as “the trust”) for the benefit of the host communities for which the settlor is responsible.
(2) Where there is a collectivity of settlors operating under a joint operating agreement with respect to upstream petroleum operations, the operator appointed under the agreement shall be responsible for compliance with this Chapter on behalf of the settlors.
(3) For settlors operating in shallow water and deep offshore, the littoral communities and any other community determined by the settlors shall be host communities for the purposes of this Act.
(4) The settlor shall for the purpose of setting up the trust, in consultation with the host communities, appoint and authorise a board of trustees (“the Board of Trustees”), which shall apply to be registered by the Corporate Affairs Commission as a corporate body under the Companies and Allied Matters Act in the manner provided under this Chapter.
(5) The name of the corporate body to be registered by the Board of Trustees shall contain the phrase “host communities’ development trust”.
(6) The Commission or Authority, as the case may be, shall—
(a) make regulations on the administration, guide and safeguard the utilisation of the trust fund ; and
(b) have the oversight responsibility for ensuring that the projects proposed by the Board of Trustees are implemented