Section 20: The Fund

(1) The Institute shall establish and maintain a fund (in this Act referred to as “the Fund”) which shall be applied towards the promotion of the objects of the Institute.
(2) There shall be paid and credited to the Fund established under subsection (1) —
(a) such money as may be appropriated to the Institute by the Federal Government or a State Government;
(b) all money as may be raised for the purposes of the Institute, by way of gifts, loans, grants in aid, testamentary disposition or otherwise;
(c) all interests received in respect of money invested by the Institute; and
(d) all other assets accruing to the Institute.
(3)
The Fund shall be managed in accordance with rules made by the Minister responsible for finance 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 ensuring that the accounts are audited periodically by auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation; and
(d) requiring copies of the accounts and of the auditor’s report on them to be furnished to the President through the Ministry of Foreign Affairs.