Section 7: Fund of the Institute.

(1) There shall be established for the Institute a fund which shall be managed and controlled by the Council.
(2) There shall be paid into the Fund established pursuant to Subsection (1) of this section-
(a) all fees, charges and moneys payable to the Institute in pursuance of this Act ; and
(b) such other monies as may be received by the Institute in the course of its operations or in relation to the exercise of any of its functions under this Act.
(3) There shall be paid out of the Fund of the Institute-
(a) the remuneration and allowances of the Registrar and other employees of the Institute;
(b) such reasonable travelling and subsistence allowances of members of the Council in respect of the time spent on the business of the Council as the Council may determine; and
(c) any other expenses incurred by the Council in the discharge of its functions under this Act.
(4) The Council may invest monies from the Fund in any security created or issued by or on behalf of the Federal Republic of Nigeria 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 monies so borrowed shall be paid out of the fund.
(6) All the corporate members in Nigeria shall cause to be paid to the fund, an annual subscription as may be agreed by the Council from time to time.
(7) The Council shall on behalf of the Institute keep proper books of accounts 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 external auditor and when audited, the accounts shall be submitted to the members of the Institute for approval at a general meeting of the Institute.