Section 7: Fund of the Institute

(1) There is established a fund of the Institute (in this Act referred to as "the Fund") into which shall be paid all —
(a) fees and other money payable to the Institute under this Act; and
(b) revenue from other sources both local and international.
(2) There shall be paid out of the Fund –
(a) all expenditure incurred by the Council in the discharge of its functions under this Act;
(b) the remuneration and other allowances of the Registrar and other staff of the Institute; and
(c) such reasonable traveling 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.
(3) The Institute may invest money in any bond or other security created, issued by, or guaranteed on behalf of the Federal Government or in any other securities in Nigeria approved by the Council.