Section 3: Governing Council of the Institute and membership, etc

(1) There is hereby established for the Institute a Governing Council of the Institute, (in this Act referred to as the "Council") which shall be charged with responsibility for the administration and general management of the Institute.
(2) The Council shall consist of the following members, that is-
(a) the President of the Institute, who shall be the chairman;
(b) the two Vice-Presidents of the Institute;
(c) a representative of the Securities and Exchange Commission;
(d) a representative of the Nigerian Stock Exchange;
(e) two representatives of the Banker's Committee;
(f) twelve persons to be elected by the Institute;
(g) two persons to represent institutions of higher learning in Nigeria offering courses leading to an approved qualification to be appointed by the Minister;
(h) a representative each of the following Ministries, that is-
(i) Finance;
(ii) Education; and
(iii) Women Affairs and Youth Development;
(iv) past Presidents of the Institute who shall be entitled to serve on the Council for a maximum period of three years from the expiration of their terms of office as President of the Institute.
(3) The provisions of the First Schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Council and the other matters therein mentioned.