Petroleum Revenues to be paid to the Fund

(1) For the purpose of this Act, Petroleum Revenues means those revenues specified in the Second Schedule. (2) On and from the date specified for the purpose by the Minister by not less than thirty days notice published in the Gazette, to show all Petroleum Revenues payable are to be paid to the Permanent Restricted Account in such manner as provided in this Act and as the Minister may prescribe by (3) The Minister shall determine an amount that, in his reasonable judgement, will be sufficient to fund the operations of the Investment Committee and the Independent Oversight Board until such a time as the first Annual Transfer is made, and an equivalent amount to provide such funding shall be withheld from the amount to be deposited in the Permanent Restricted (4) The Minister may not specify a date pursuant to subsection (2) of this section, which is less than thirty days after the appointment of all the members of both the Investment Committee and the Independent Oversight Board, the operational readiness of the Public Information Office, and the signing of the Custody Bank Agreement by the Central Bank and the Custody Bank. (5) A person obliged to pay a Petroleum Revenue not paid before the date mentioned in subsection (2) of this section, does not discharge that obligation until he pays the moneys concerned in the manner required by that subsection. (6) For the avoidance of doubt, the assessment and determination of any Petroleum Revenue payable to the Fund shall be based on the relevant tax or other law providing for such assessment or determination and all requirements prescribed by such laws for that purpose shall, except as may be expressly prohibited by this law, be complied with. Management Fund 13 (7) A person that pays any Petroleum Revenue into the Permanent Restricted Account, or delivers any petroleum in kind to the Government, shall report the amount, date and nature of the payment or delivery to the Central Bank and the Public Information Office in writing at the end of the month in which the payment or delivery is made in such manner as the Minister may prescribe by regulation. (8) A person who contravenes subsection (7) of this section, commits an offence and is liable on summary conviction to a fine of $5000 or to imprisonment for a period of 6 months or to both fine and period of imprisonment.