Section 5: Fund of the Council

(1) There shall be established for the Council a fund which shall be managed and controlled by the Council.
(2) There shall be paid and credited into the fund established pursuant to subsection (1) of this section-
(a) all fees and other moneys payable to the Council in pursuance of this Act; and
(b) such moneys as may be provided by way of grant or loan or otherwise.
(3)
There shall be paid out of the fund established pursuant to subsection (1) of this section-
(a) all expenditure incurred by the Council in the discharge of its functions under this Act;
(b) the remuneration and allowances of the Registrar and other employees of the Council; and
(c) such reasonable travelling 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.
(4)
The Council shall keep proper accounts in respect of each year and proper records in relation to those accounts; and the Council shall cause the accounts to be audited by an auditor and when audited, the account shall be submitted to the registered members of the profession for approval by them at their general meeting.
(5) The auditor, appointed for the purposes of this section, shall not be a member of the Council.
(6)
The Council shall prepare and submit to the Minister not later than twelve months after its establishment and once in each year thereafter, a report on its activities during the last preceding year and shall include in the report a copy of the audited accounts of the Council for that year and of the auditor's report thereon.