Section 240: Sources of funding for petroleum host communities development trust.

1 The constitution of each host communities development trust shall establish a fund comprising of one or more accounts ("host communities development trust fund") to be funded under this section.

2 Each settlor, where applicable through the operator, shall make an annual contribution to the applicable host communities development trust fund of an amount equal to 3% of its actual annual operating expenditure of the preceding financial year in the upstream petroleum operations affecting the host communities for which the applicable host communities development trust fund was established.

3 Each host communities development trust may receive donations, gifts, grants or honoraria that are provided to such host communities development trust for the attainment of its objectives.

4 Profits and interest accruing to the reserve fund of host communities development trust shall also be contributed to the applicable host communities development trust fund.