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(1) The appointments necessary for the effective functioning of the Investment Advisory Committee and the Accountability Committee shall be made within three months after the commencement of this Act.

(2) The petroleum revenue that has accrued to the Republic including any accumulated interest on it shall at the commencement of this Act be transferred or deposited into the Petroleum Holding Fund established under this Act.

(3) The transferred or revenue shall be accounted for by the Ghana Revenue Authority including reconciliations where necessary.