(1) Notwithstanding anything contained in the preceding sections of this Act, the following provisions shall apply in relation to the first enrolment of members of the Institute and the constitution of the first Council to hold office under this Act, that is to say,

(a) all persons who are members of the Association of Accountants in Ghana on the date of the coming into operation of this Act shall be members of the institute as chartered accountants;

(b) the members of the Society of Ghanaian Practising Accountants shall, on the coming into operation of this Act, become members of the Institute as practising accountants;

(c) any other person practising as an accountant may, within three months of the coming into operation of this Act, submit an application for membership of the Institute to a committee of the first Council of the Institute and on approval for membership shall be registered as a practising accountant;

(d) the Council of the Association of Accountants in Ghana on the date of the coming into operation of this Act, enlarged by the addition of three members of the Council of the Society of Ghanaian Practising Accountants, shall be the first Council of the Institute and shall within three months of the coming into operation of this ACT convene a general meeting of members of the Institute for the purpose of electing a new Council.

(2) On the coming into operation of this Act the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants, being companies registered under the Companies Ordinance (Cap. 193), shall be deemed to have ceased to operate under that Ordinance and accordingly their names shall be struck off the register of companies in accordance with the provisions of the Companies Ordinance (Cap. 193).

(3) All the assets and liabilities of, and any property vested in, the Association of Accountants in Ghana and the Society of Ghanaian Practising Accountants immediately before the coming into operation of this Act shall, without further authority than this subsection, vest in the Council established under section 7 of this Act.

(4) All employees of the Association of Accountants in Ghana and of the Society of Ghanaian Practising Accountants on the coming into operation of this Act shall, so far as may be practicable and subject to any direction by the Council, continue as employees of the Council in posts comparable to those which they held with the Association or the Society.

(5) Every contract in respect of any matter subsisting between the Association of Accountants in Ghana or the Society of Practising Accountants and any other person and in force immediately before the coming into operation of this Act shall, subject to any directions by the Council, be deemed to subsist between the Council and such other person.