Section 7: Establishment of Fund and expenditure

(1) The Council shall establish and maintain a fund for the Institute, the management and control of which shall be under the authority of the Council
(2) There shall be paid into the fund –
(a) money received by the Council under this Act;
(b) subscriptions, fees and commissions received by the Council under this Act;
(c) such money as may be provided by international development or donor agencies by way of grants and interventions or loans; and
(d) money raised for the purpose of the Institute by way of gifts, donations, grants-in aid, testamentary dispositions from individuals, bodies corporate or philanthropic organisations to the extent that such gifts, donations, grants and testamentary dispositions does not directly or indirectly amount to conflict of interest.
(3) The Council shall apply the proceeds of the fund of the Institute to –
(a) all expenditure incurred by the Institute in the course of the discharge of its duty under this Act;
(b) the remunerations and allowances of the Registrar and other staff of the Institute;
(c) the maintenance of the premises and property owned by and vested in the Institute;
(d) the payment of traveling allowances and such stipend for members of the Council as may be approved by the Council; and
(e) the payment of such other charges as may be reasonably incurred in the performance of the functions of the Institute and the Council.