Section 5: Fund of the Council

(1) There shall be established for the Institute a fund which shall be managed and controlled by the Council.
(2) There shall be paid and credited into the fund established pursuant to subsection (1) of this section-
(a) all fees and other moneys payable to the Council in pursuance of this Act;
(b) such moneys as may be provided by the Federal Government to the Institute by way of grant or loan or otherwise; and
(c) such moneys as are held by the Institute of Executive Secretaries and Administrators of Nigeria incorporated under the Companies Act 1968 (in this Act referred to as "the Incorporated Institute") on its ceasing to exist as provided for in this Act.
(3) There shall be paid out of the fund established pursuant to subsection (1) of this section
(a) all expenditure incurred by the Council in the discharge of its functions under this Act;
(b) the remuneration and allowances of the Registrar and other employees of the Institute; and
(c) such reasonable travelling and subsistence allowances of members of the Council in respect of the time spent on the duties of the Institute as the Council may, with the approval of the Minister, determine.
(4) The Council may invest moneys in the fund in any security created or issued by or on behalf of the Federal Government or in any other securities in Nigeria approved by the Council.
(5)
The Council may, from time to time, borrow money for the purposes of the Institute and any interest payable on moneys so borrowed shall be paid out of the fund.
(6)
The Council shall keep proper accounts on behalf of the Institute in respect of each year and proper records in relation to those accounts; and the Council shall cause the accounts to be audited by an auditor and when audited the accounts shall be submilted to the members of the Institute for approval by them at a meeting of the Institute.
(7) The auditor, appointed for the purposes of this section, shall not be a member of the Council.
(8) The Council shall prepare and submit to the Minister not later than twelve months after its establishment and once in each year thereafter, a report on the activities of the Institute during the least preceding year and shall include in the report a copy of the audited accounts of the Institute for that year and of the auditor's report thereon.