Section 34: Financial provisions

(1) There shall be established and maintained by the Council, 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 the Federal Government or a State;
(b) all moneys as may be raised for the purposes of the Council by way of gift, loan, grants-in-aid, testamentary disposition or otherwise;
(c) all interests received in respect of moneys invested by the Council; and
(d) all other assets, from time to time, accruing to the Council.
(3) The fund shall be managed in accordance with rules made by the President and without prejudice to the generality of the power to make rules under this subsection, the rules shall in particular contain provisions-
(a) specifying the manner in which the assets of the fund are to be held, and regulating the making of payments into and out of the fund;
(b) requiring the keeping of proper accounts and records for the purposes of the fund in such form as may be specified in the rules;
(c) for securing that the accounts are audited periodically by auditors appointed from the list and in accordance with guidelines supplied by the Auditor-General for the Federation;
(d) requiring copies of the accounts and of auditor's report thereon to be furnished to the Minister.