Section 12: Funds of the Academy

12. Funds of the Academy.___(1) There shall be a Fund of the Academy to be known as the “Academy Fund” to which all its income shall be credited and from which all its expenditures shall be met. (2) The following shall be the sources of income for the Academy Fund,___ (i) grants from the Federal Government ; (ii) grants from the Provincial Governments ; (iii) sale and other proceeds of the Academy’s publications ; (iv) aid from national and international agencies ; and (v) fees, charges and donations. (3) The Academy Funds shall vest in the Board and the moneys to the credit of the Fund shall be kept in a personal ledger account in the Government Treasury or, with the approval of the Board, in a scheduled bank.

Effective date: 1997-12-16

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