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(1) The funds of a polytechnic shall consist of subventions from the Government, tuition and boarding fees, gifts, endowments, grants, investments and monies from other sources approved by the Polytechnic Council.

(2) A Polytechnic Council shall control the finances of the polytechnic and shall have power to determine questions of finance arising out of the administration of the polytechnic, except that before determining questions of finance which directly affect the educational policy of the polytechnic, the Polytechnic Council shall invite the opinion of the Board and shall take into consideration any recommendation or report by it.

(3) A Polytechnic Council is responsible for the conservation and augmentation of the resources of a polytechnic and may specify matters on income or expenditure for which the consent of the Polytechnic Council is required before action is taken or liability is incurred.

(4) A Polytechnic Council shall determine the allocation of funds at the disposal of the polytechnic.