Section 31: Fund of the Institute

(1) The Institute shall establish and maintain a fund from which shall be defrayed all expenditure incurred by the Institute.
(2) There shall be paid and credited to the fund established pursuant to subsection (1) of this section-
(a) such monies as may, from time to time, be lent or granted to the Institute by the Government of the Federation or of a State or any of their agencies;
(b) all monies raised for the purposes of the Institute by way of gifts, grants-in-aid, testamentary disposition or otherwise;
(c) all subscriptions or fees and charges for services rendered by the Institute;
(d) all interests received in respect of monies invested by the Institute; and
(e) all other assets, from time to time, accruing to the Institute.
(3) The fund shall be managed in accordance with guidelines given by the Minister through the National Universities Commission, and without prejudice to the generality of the power to give guidelines under this subsection, the guidelines shall in particular contain such provisions specifying the manner in which the assets of the Institute are to be held, and regulating the making of payments into and out of the fund.