Section - 11 - Financial Provisions

    (1) The Council shall establish and maintain a fund under its management and control into which shall be paid all moneys received by the Council by way of grants-in-aid from the Government or otherwise and out of which shall be met all expenses and liabilities incurred by the Council in carrying out its functions under this Act.

    (2) The Council may invest moneys in the fund in any securities of the Government or in any other securities approved by the Council.

    (3) The Council may from time to time borrow money for the purposes of the Institute and may pay interest thereon out of the funds of the Institute.

    (4) The annual accounts of the Council shall be subject to audit by a member of the Institute, not being a member of the Council, in practice as a chartered accountant who shall be appointed for the purpose each year by the members at the annual general meeting.

    (5) The accounts for the preceding year as audited shall be approved by the members at the annual general meeting.