Section 14: Fund of the Council.

(1) There shall be established for the Council a fund which shall be managed and controlled by the Council.
(2) There shall be paid and credited into the Fund
(a) all fees and other moneys payable to the Council; and
(b) such moneys as are held by the Nigerian Council of Insurance Brokers incorporated.
(3) There shall be paid out of the Fund
(a) all expenditure incurred by the Council in the discharge of its functions under this Act;
(b) the remuneration and allowances of the Executive Secretary and other employees of the Council; and
(c) such reasonable travelling and subsistence allowances of members of the Council in respect of the time spent on 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 Federal Government 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 Council 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 Council 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 and when audited, the accounts shall be submitted to the members of the Council for approval by them at a meeting of the Council.
(7) The auditor, appointed for the purposes of this section, shall not be a member of the Council.