Section 7: Fund of the Institute.

(1) The Council shall establish and maintain a fund (in this Act referred to as "the Fund") which shall be managed and controlled by the Council and into which shall be paid all -
(a) fees and other money payable to the Institute under this Act; and
(b) fees and other money payable to the Institute under this Act; and
(2) There shall be paid out of the Fund -
(a) all expenditure incurred by the Council in the performance 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 Council 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.