Section 5: Functions of the Council

(1) Subject to the provisions of this Act relating to the Visitor, the Council shall be the governing body of the University and shall have the general management of the affairs of the University and in particular the control of the property and expenditure of the University.
(2) Subject to subsection (6) of this section, the Council shall have power to do anything which in its opinion is calculated to facilitate the carrying on of the activities of the University.
(3) The Council may make statutes regulating the constitution and conduct of the University and regulating any authority or matter connected with the university; and a statute may alter or repeal any provision of this Act but shall not-
(a) come into force until it has been confirmed by the Minister; or
(b) have effect in any part of Nigeria in so far as it is inconsistent with the law in force in that part of Nigeria.
(4) The Minister shall, on confirming a statute, forthwith lay a copy of it before each House of the National Assembly; and if either House, on any of the twenty days on which it sits next after the day on which the statute is laid before it, resolves that the statute be annulled, it shall cease to have effect on the day next following the date of the resolution and be deemed never to have had effect.
(5) Nothing in subsection (3) or (4) of this section shall be construed as preventing the Council from giving instructions, in writing or otherwise, for the purpose of exercising any power conferred on it by subsection (2) of this section.
(6) The Council shall not have power to dispose of or charge any lands or an interest in any lands (including any lands transferred to the University by this Act) which are held by or on behalf of the University except with the prior written consent, either general or special, of the Minister.
(7) There shall be a committee of the Council, to be known as the Finance and General Purposes Committee, which shall, subject to the directions of the Council, exercise control over the property and expenditure of the University, and shall consist of-
(a) the Pro-Chancellor, who shall be the chairman of the Committee at any meeting at which he is present; and
(b) the Vice-Chancellor; and
(c) eight other members of the Council appointed by the council, of whom-
(i) not less than two shall be teachers; and
(ii) if the Council has appointed a treasurer, one shall be the treasurer,and the quorum of the Committee shall be four and (subject to the provisions of this subsection) the Committee may regulate its own procedure.
(8) The Council shall keep proper accounts in respect of the period of twelve months ending with the thirty-first day of December in each year, and proper records in relation to those accounts; and without prejudice to any other requirement as to accounting or control imposed, whether by an enactment or otherwise, with respect to the finances of and the lands, endowments and other property held by or for the purposes of the University, the Council shall cause the accounts kept in pursuance of this subsection for any period to be audited as soon as may be after the end of that period by an approved auditor within the meaning of section 20 of the Banks and other Financial Institutions Act (which provides for the accounts of banks to be audited by a member of a professional body approved by the Minister of the government of the Federation responsible for finance).
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(9) The council shall prepare and submit to the President, not later than the thirty-first day of January in each year, a report in such form as the President may direct on the activities of the university during the period of twelve months ending with the preceding thirty-first day of December, and shall include in the report a copy of the last accounts audited in accordance with subsection (8) of this section and a copy of the auditor's report on the accounts; and the President shall cause a copy of each report made to him in pursuance of this subsection to be laid before each House of the National Assembly.