Section 4: Fund of the Institute

(1) There shall be established for the Institute a fund which shall be managed and controlled by the Council.
(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 Council in pursuance of the Act;
(b) such moneys as may be payable to the Council whether in the course of the discharge of its functions or otherwise; and
(c)
such moneys as are held by the Institute of Chartered Secretaries and Administrators in Nigeria incorporated under the Companies and Allied Matters Act (in this Act hereafter referred to as "the Incorporated Institute") on its ceasing to exist as provided in this Act.
[Cap. C20]
(3) There shall be paid out of the fund of the Institute-
(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 staff of the Institute;
and
(c) such reasonable travelling and subsistence allowance of members of the Council in respect of the time spent on the duties of the Council as the Council may, with the approval of the Minister, determine.
(4) 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.
(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.
(6)
The Council shall keep proper accounts on behalf of the Institute 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 appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(7) The auditor, appointed for the purposes of this section, shall not be a member of the Council.