Section 4: Financial provisions.

(1) The Council shall establish and maintain a fund, the management and control of which shall be in the hands of the Council, and into which shall be paid all moneys received by the Council including moneys held by the Association of Accountants in Nigeria incorporated under the Companies and Allied Matters Act (and in this Act hereafter referred to as "the Association") on its ceasing to exist as provided in the next succeeding section, and shall be paid thereout accounts and other liabilities incurred by or on behalf of the Institute under this Act.
[Cap. C20.]
(2) The Council may invest moneys 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 Council.
(3) 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.
(4) The Council shall keep proper accounts on behalf of the Institute in respect of each financial year and proper records in relation to those accounts; and the Council shall cause the accounts to be audited by a chartered accountant member of the Institute and, when audited, the accounts shall be submitted to the members of the Institute for approval by them at the next annual general meeting.
(5) An auditor appointed for the purposes of this section shall not be a member of the Council.