Section 6: Funds for the Institute.

(1) There shall be established for the Institute a Fund which shall be managed and controlled by the Council.
(2) There shall be paid into the Fund established pursuant to subsection (1) of this section-
(a) all fees and other monies payable to the Institute;
(b) such monies as may be payable to the Institute whether in the course of the discharge of its functions or otherwise ; and
(c) such monies as may be held by the Nigerian Institute of Purchasing and Supply Management incorporated under the Companies and Allied Matters Act,1990 (in this Act referred to as "the Incorporated Institute") on its ceasing to exist as provided in this Act.
(3)
There shall be paid out of the Fund of the institute-
(a) all expenditure incurred by the Council in the discharge 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 subsistence 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 Institute's funds and assets shall be invested in any bond, bill or other security issued or guaranteed by the Federal Government or the Central Bank of Nigeria.
(5) The Council may, from time to time, borrow money for the purposes of the Institute and may mortgage or charge the properties and assets of the Institute or any part thereof and may issue debenture and other securities whether outright or as securities for any debt, liability or obligation of the Institute and any interest or charge payable on monies so borrowed shall be paid out of the Fund of the Institute.
(6) The Council shall keep proper accounts on behalf of the Institute in respect of each year and proper records in relation to those accounts to be audited by an auditor and in accordance with the guidelines supplied by the Auditor-General of the Federation.
(7) The auditor, appointed for the purpose of this section, shall not be a member of the Council.
(8) The Council shall prepare and submit to the Minister of Commerce not later than twelve months after its establishment and once in each year thereafter, a report of the activities of the Council in the previous year and shall include in the report, a copy of the auditor's report.