Section 7: Fund of the Institute

(1) The Institute shall be self-funding save for grants, donations and gifts in support of its statutory activities.
(2) The Council shall establish and maintain a fund which shall be managed and controlled by the Council.
(3) There shall be paid into the Fund -
(a) all subventions, fees, fines, penalties and charges for services rendered or publications made by the Council;
(b) gifts, endowments, bequests, loans, donations, grants or aids;
(c) foreign aids and assistance from bilateral and multilateral agencies such as affiliated bodies on electrical engineering, donations, charges and money payable to the Institute under this Act; and
(d) such other money as may be received by the Institute in the course of its operations or performance of any of its functions under this Act.
(4) There shall be paid out of the Fund -
(a) remuneration and allowances of the members of the Council and employees of the Institute;
(b) such reasonable travelling and subsistence allowances of members of the Council in respect of the time spent on the duties of the Council as the Council may determine; and
(c) other expenses incurred by the Council in the performance of its functions under this Act.
(5) The Council may invest money from the Fund in any security issued by the Federal Government or in any other security in Nigeria approved by the Council.
(6) The Council may borrow money for the Institute, and any interest payable on money borrowed shall be paid out of the Fund.
(7) All the members shall be caused to pay into the Fund, annual dues and levies as may be agreed by the Council.