Section 316: Transfer of existing host communities development projects and host communities development schemes.

1 Every settlor shall transfer any existing host communities development project orscheme under its corporate social responsibility or memorandum of understanding or any other agreement to a host communities development trust established under this Act.

2 Every applicable settlor shall notify the Commission or Authority, as the case may be, upon completion of any transfer under subsection (1) to any one or more host communities development trusts of any of its existing host communities development projects or schemes.

3 Any financial contribution made by a settlor from the effective date until the date falling 12 months after the effective date to any ongoing host communities development project or scheme in accordance with their terms, shall be deemed to constitute a contribution made by such holder or holder nominee under section 240 (2) of this Act.