Section 9: Annual budget and estimates, etc.

(1) As soon as may be after the end of March in any year after the commencement of this Act, the Council shall cause to be prepared a statement of its income and expenditure during the previous financial year together with a statement of the assets and the liabilities of the Institute as at the last day of that financial year.
(2) The statements referred to in subsection (1) of this section shall, when certified by the Principal, be audited by an independent firm of auditors appointed by the Council with the approval of the Minister, and shall be published within six months thereafter in the Federal Gazette.
(3) The Council shall cause to be prepared not later than 1st December in any year estimates of revenue and expenditure for the ensuing financial year and when prepared they shall be submitted to the Council for approval.