Section 3: Establishment and management of the fund

(1) The Council shall establish and maintain a fund, the management and control of which shall be in the hands of the Council.
(2) There shall be paid into the fund established pursuant to subsection (1) of this section-
(a) all fees and other moneys payable to the Council whether in the course of the discharge of its functions or not;
(b) such moneys as may be provided by the Federal Government to the Council by way of grant or by way of loan or otherwise;
(3) There shall be paid out of the fund of the Council-
(a) the remuneration and allowances of the registrar and other employees of the Council;
(b) all other expenditure incurred by the Council in the discharge of its functions under this Act; and
(c) such reasonable travelling and subsistence allowance of members of the Council in respect of the time spent on the business 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 Government of the Federation 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 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 appointed from the list of auditors and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(7) The audited accounts shall be submitted to the registered members for approval by them at the general meeting of the Council.
(8) The auditor, appointed for the purpose of this section, shall not be a member of the Council.