Section 5: Fund of the Council.

(1) The Council shall establish and maintain a fund for the Institute.
(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;
(b) such moneys as may be provided by the Federal Government to the Council by way of grant or by way of loan or otherwise; and
(c) such moneys as may be payable to the Council in the course of the discharge of its functions under this Act.
(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; and
(b)
the remuneration and allowances of the Registrar and other staff of the Institute; 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 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 as may be 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 of the Institute.
(6) The Council shall keep proper accounts on behalf of the Institute in respect of each year and proper records in relation to these 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.
(8) 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 the activities of the Council in 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.