Section 6: Establishment, composition and tenure of the members of the Governing Council.

(1) There is established for the Institute, a Governing Council (in this Act referred to as "the Council") which shall be responsible for the general governance and oversight of the Institute.
(2) The Council shall consist of -
(a) the President of the Institute as the Chairman;
(b) the 1st Vice-President of the Institute, as the Vice-Chairman;
(c) the 2nd Vice-President of the Institute;
(d) the last three past Presidents of the Institute;
(e) three Chairmen of branches of the Institute on a rotational basis every two years;
(f) the Director-General of the Institute;
(g) the Honorary Legal Adviser;
(h) the Honorary Treasurer;
(i) 12 other elected members provided that one-third of these elected members would retire by rotation at every Annual General Meeting but may be subject to re-election and provided that no person shall be a Council member for more than 10 years;
(j) a representative of -
(i) the Federal Ministry responsible for trade and investment, not below the rank of a director, to be nominated by the Minister,
(ii) the Federal Ministry responsible for education, not below the rank of a director, to be nominated by the Minister,
(iii) the Securities and Exchange Commission, not below the rank of a director,
(iv) the Corporate Affairs Commission, not below the rank of a director,
(v) the Financial Reporting Council of Nigeria, not below the rank of a director, and
(vi) an academic not below the rank of a professor, to be appointed by the Council on the recommendation of the President.
(3) The provisions set out in the First Schedule to this Act shall have effect with respect to qualifications, tenure of office and meetings of the Council and other matters mentioned in it. [First Schedule]
(4) All Council members shall act in a manner consistent with their obligations to the Institute and applicable laws, regardless of any other affiliation, membership or position.