Section 2: Establishment and composition of the Governing Council of the institute.

(1) There is established for the Institute, a Governing Council (in this Act referred to as "the Council") which shall be charged with the responsibility for the administration and general management of the Institute.
(2) The Council shall consist of the following members, who are fellows and chartered members of the Institute-
(a) a President of the Institute, who shall be the Chairman;
(b) the two Vice-Presidents of the Institute;
(c) a representative each of the Federal Ministry of-
(i) Finance,
(ii) Commerce,
(iii) Education;
(d) two representatives of the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA);
(e) a co-ordinator from each of the geo-political zones of the Federation;
(f) immediate past President of the Institute;
(g) a Registrar of the Institute, who shall also be the Secretary of the Council.
(3) The provisions set out in the First Schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Council and other matters therein mentioned.