Section 6: Fund of the Institute

(1) There shall be established and maintained for the purpose of this Act a fund.
(2)
There shall be paid into the fund established pursuant to subsection (1) of this section-
(a) all fees and other moneys payable to the Institute in pursuance of this Act; and
(b) such moneys as may be payable to the Institute, whether in the course of the discharge of its functions or not.
(3) There shall be paid out of the fund of the Institute established pursuant to subsection (1) of this section-
(a) the remuneration and allowances of the Registrar and other employees of the
Institute;
(b) such reasonable travelling and subsistence allowance of members of the Council in respect of the time spent on the business of the Council as the Council may determine; and
(c) any other expenses incurred by the Council in the discharge of its functions under this Act.
(4) The Council may invest moneys in the fund in any security created or issued by or on behalf of the Federal Government or in any other securities in Nigeria approved by the Council.
(5) The Council may, from time to time, borrow money for the purposes of the Institute and any interest payable on moneys so borrowed shall be paid out of the fund.