Section 5: Financial provisions

(1) The Council shall establish and maintain a fund from which shall be defrayed all expenditure incurred by the Council.
(2) There shall be paid and credited to the fund established pursuant to subsection (1) of this section-
(a) such moneys as may be provided to the Council by way of grant or by way of loan or otherwise howsoever; and
(b) all other moneys that may accrue to the Council under this Act.
(3)
The Council shall prepare and submit to the Minister not later than the 30th of September in each year an estimate of its expenditure and income during the next succeeding year.
(4) The Council shall keep proper accounts in respect of each year and proper records in relation to those accounts and shall cause the accounts to be audited as soon as may be after the end of the year to which the accounts relate by auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(5)
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 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 auditors report thereon.
(6)
The Council shall not have power to borrow money or dispose of any property except with the prior consent of the Minister and it shall not have power to pay remunerations (including pensions), allowances or expenses to any member, employee of the Council or to any other person except in accordance with the scales approved by the Minister.