Power of Minister to make regulations
s 15
Open ↗The Minister may, with the approval of the Governments, make regulations in respect of the following: (a) the conduct of or the carrying on of any business or service relating to the exploration and exploitation of the natural resources in the Joint Development Area; (b) the payment of any moneys due to the Governments from the Joint Authority under section 7 and paragraph 10(d); (c) the terms and conditions of the appointment of, and the emoluments, travelling and subsistence allowances payable to, the Co-Chairmen and other members of the Joint Authority; (d) the procedure for the tender and award of any contract that may be entered into under section 14, including the terms and conditions that may be included in such contract; (e) the keeping of proper accounts and other records of the transactions and affairs of the Joint Authority in accordance with generally accepted accounting principles; (f) the preparation of annual statements of accounts and, subject to the provisions of this Act, the allocation of profits; (g) the audit of accounts and its subsequent submission to the Governments; (h) the preparation and submission of the annual budget to the Governments; (i) the standards for the exploration and exploitation of petroleum in the Joint Development Area; and (j) any other matters for the purposes of carrying into effect the provisions of this Act: Provided that in respect of the matters referred to under paragraphs (a), (d), (e), (f), (g), (h) and (i), such regulations may be made after consultations with the Joint Authority.