Section 4: Funds of the Council.

(1) There is established for the Council a fund (in this Act referred to as "the Fund") which shall be controlled by the Board.
(2) The Fund shall consist of -
(a) all fees and other money payable to the Council under this Act; and
(b) money payable to the Council whether in the course of the performance of its functions or not.
(3) There shall be paid out of the Fund -
(a) the remuneration and allowances of the Registrar and other employees of the Council;
(b) such reasonable travelling and subsistence allowances of members of the Council in respect of the time spent on the business of the Council as the Council may approve; and
(c) any other expenses approved and incurred by the Council in the performance of its functions under this Act.
(4) The Council may invest money in the Fund in any security created or issued by or on behalf of the Government of the Federation or in any other securities in Nigeria approved by the Board.
(5) The Council shall keep proper accounts on behalf of the Board in respect of each financial year and proper records in relation to those accounts, and the Board shall cause the accounts to be audited by an Auditor approved for that purpose and when the account is audited, the Auditor's report shall be submitted to the members of the Board for approval at a meeting of the Board.