Section 5: Management of the Institute's Fund

(1) The Institute shall establish and maintain a Fund, the management and control of which shall vest in the Council and into which shall be paid -
(a) all money received by the Council under this Act including fees, levies, grants, investitures, donations and honorariums; and
(b) such money as may be provided by donors, benefactors or other external sources.
(2) There shall be paid out of the Fund of the Institute –
(a) all reasonable expenditures incurred by the Council in the performance of its functions under this Act; and
(b) the remuneration and allowances of the Registrar and other staff of the Institute.
(3) The Council may invest its Fund in any security including treasury bills, shares or any other security in Nigeria approved by it.
(4) The Council may borrow money for the purposes of the Institute and any interest payable on such money shall be paid out of the Fund.
(5) The Council shall keep proper accounts on behalf of the Institute in respect of each financial year, and shall cause the accounts to be audited by a qualified and licensed auditor appointed by it.
(6) The auditor appointed for the purpose of this section shall not be a member of the Council.