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Finance and Funding


The Union shall be governed by the Provisions of this Constitution and by the Laws of Nigeria, or where its Secretariat shall be located.

The Council shall establish and maintain a bank account the management and control of which shall be vested in Council and into which shall be paid all moneys received by the Council and from which shall be paid any liabilities incurred by or on behalf of the Union under this Constitution

Council may invest moneys in the account in any security created or issued by or on behalf of the government of a member-body's country or in any other securities in any member body's country approved by Council.

Council may from time to time borrow for the purpose of the Union and any interest payable on moneys so borrowed shall be paid out of the account.

The funding for the Union shall be derived from: subscriptions from members; grants and donations from national or international organizations; individual and inter-governmental agencies; and such other source and activities as Council may from time to time deem fit.

Council shall keep proper accounts on behalf of the Union in respect of each financial year and proper records in relation to those accounts and Council shall cause the accounts to be audited by an auditor appointed by the Assembly and when audited, the accounts which shall be expressed in US Dollars shall be distributed to the member bodies together with a report of Council on the activities of the Union.

An auditor appointed for the purpose of this provision shall not be a member of Council but shall be a member of the General Assembly

Council shall cause the funds of the Union to be deposited in Banks of international repute in the country where the Secretariat is located or in any country of a member-body as Council may decide