Section 6: FUNDS OF THE INSTITUTE

(1) There is established for the Institute a fund which shall be managed and controlled by the Council.
(2) There shall be paid into the Fund established under subsection (1)-
(a) all fees and other money payable to the lnstitute ;
(b) such money as may be payable to the Institute whether in the course
of the performance of its functions or otherwise ; and
(c) such money as may be held by the Institute of Project Managers of Nigeria incorporated under the Companies and Allied Matters Act, (in this Act referred to as "the lncorporated lnstitute") on its ceasing to exist as provided in this Act.
(3) There shall be paid out of the Fund of the lnstitute-
(a) all expenditure incurred by the Council in the performance of its functions under this Act ;
(b) the salaries and allowances of the Registrar and other employees of the Institute; and
(c) such reasonable travelling and subsist€nce allowances of members of the Council in respect of the time spent on official duties of the Council, as the Council may determine.
(4) Subject to guidelines issued by the Council from time to time, the lnstitute's funds and assets shall be invested in any bond, bill or other securities issued or guaranteed by the Federal Govenrment or the Central Bank of Nigeria.