Section 3: Financial provisions

(1) Each of the institutes shall establish and maintain a fund from which there shall be defrayed all expenditure incurred by the institute.
(2) There shall be paid or credited to the fund-
(a) such sums out of moneys provided by the National Assembly as the National Assembly may, from time to time, determine;
(b) in the case of any institute other than the Trypanosomiasis Institute, such sums out of moneys to be provided by the House of Assembly of each State or by the appropriate statutory agency of each State, in accordance with a formula agreed by the several Governments and the Government of the Federation;
(c) such assets of the relevant institute and committee mentioned in section 8 of this Act as are transferred to the institute in pursuance of that section; and
(d) all other assets, from time to time, accruing to the institute.
(3) The fund shall be managed in accordance with the rules made by the Minister and the Minister responsible for finance, acting jointly; and, without prejudice to the generality of the power to make rules conferred by this subsection, the rules shall in particular include provision-
(a) specifying the manner in which the assets of the fund are to be held and regulating the making of payments to and from the fund;
(b) requiring the keeping of proper accounts and records for the purposes of the fund in such form as may be specified by the rules;
(c) for securing that the accounts are audited periodically by an auditor appointed from the list of auditors and in accordance with the guidelines supplied by the Auditor-General for the Federation, acting jointly;
(d) requiring copies of the accounts and of the auditor's report on them to be furnished to the Minister as soon as may be after the end of the period to which the accounts relate; and
(e) requiring the Minister to lay before each House of the National Assembly copies of all accounts and reports received by him in pursuance of paragraph (d) of this subsection and, in the case of accounts or reports relating to the Cocoa Institute, the Oil Palm Institute, or the Rubber Institute, to send a copy to the Governor of each State.