Section 5: Funds of the institute.

(1) The Council shall establish and maintain a fund, the management and control of which shall be in the hands of the Council and into which shall be paid-
(a) all monies received by the Council in pursuance of this Act;
(b) all fees and other monies payable to the Council by its members, individuals and corporate bodies; and
(c) such monies as may be provided by the Federal, State and Local Governments or individuals or corporate bodies, national or international to the Council by way of grant, subvention or by way of loan or otherwise.
(2) There shall be paid out of the Fund of the Institute-
(a) all expenditure incurred by the Council in the discharge of its functions under this Act;
(b) the remunerations and allowances of the Registrar and other staff of the Institute ; and
(c) such reasonable travelling and subsistence allowances of members of the Council in respect of the time spent on the duties of the Council as the Council may determine.
(3) The Council may invest money of 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 Council.
(4) The Council may, from time to time, borrow money for the purposes of the Institute and any interest payable on moneys so borrowed shall be paid out of the Fund.
(5) The Council shall keep proper accounts on behalf of the Institute in respect of each year and proper record in relation to those accounts and the Council shall cause the account to be audited by an auditor appointed from the list and in accordance with the guidelines supplied by the Auditor-General of the Federation.
(6) The auditor appointed for the purposes of this section, shall not be a member of the Council.