THE COST AND WORKS ACCOUNTANTS ACT, 1959

ACT NO. 23 OF 1959 · Enacted [19th May, 1959.] · 59 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions and interpretation.

THE INSTITUTE OF COST AND WORKS ACCOUNTANTS

Section 3.Incorporation of the Institute.

Section 4.Entry of names in the Register.

Section 5.Fellows and Associates.

Section 6.Certificate of practice.

Section 7.Members to be known as cost accountants.

Section 8.Disabilities.

COUNCIL OF THE INSTITUTE

Section 9.Constitution of the Council of the Institute.

Section 10.Re-election or re-nomination to Council.

Section 10A.Settlement of disputes regarding election.

Section 10B.Establishment of Tribunal.

Section 11.Nomination in default of election.

Section 12.President and Vice-president.

Section 13.Resignation of membership and casual vacancies.

Section 14.Duration and dissolution of Council.

Section 15.Functions of the Council.

Section 15A.Functions of Institute.

Section 15B.Imparting education by Universities and other bodies.

Section 16.Officers and employees, salary, allowances, etc.

Section 17.Committees of the Council.

Section 18.Finances of the Council.

REGISTER OF MEMBERS

Section 19.Register.

Section 20.Removal from the Register.

MISCONDUCT

Section 21.Disciplinary Directorate.

Section 21A.Board of Discipline.

Section 21B.Disciplinary Committee.

Section 21C.Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.

Section 21D.Transitional provisions.

Section 22.Professional or other misconduct defined.

Section 22A.Constitution of Appellate Authority.

Section 22B.Term of office of members of Authority.

Section 22C.Procedure, etc., of Authority.

Section 22D.Officers and other staff of Authority.

Section 22E.Appeal to Authority.

REGIONAL COUNCIL

Section 23.Constitution and functions of Regional Councils.

PENALTIES

Section 24.Penalty for falsely claiming to be a member, etc.

Section 25.Penalty for using name of the Council, awarding degrees of cost accountancy, etc.

Section 26.Companies not to engage in cost accountancy.

Section 27.Unqualified persons not to sign documents.

Section 28.Offences by companies.

Section 29.Sanction to prosecute.

QUALITY REVIEW BOARD

Section 29A.Establishment of Quality Review Board.

Section 29B.Functions of Board.

Section 29C.Procedure of Board.

Section 29D.Terms and conditions of service of Chairperson and members of Board and its expenditure.

DISSSOLUTION OF THE INSTITUTE OF COST AND WORKS ACCOUNTANTS REGISTERED UNDER THE COMPANIES ACT, 1956 (1 OF 1956)

Section 30.Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act,.

Section 31.Transfer of assets and liabilities of the dissolved company to the Institute.

Section 32.Provisions respecting employees of the dissolved company.

MISCELLANEOUS

Section 33.[Omitted.]

Section 34.Alteration in the Register and cancellation of certificate.

Section 35.Directions of the Central Government.

Section 36.Protection of action taken in good faith.

Section 36A.Members, etc., to be public servants.

Section 37.Maintenance of branch offices.

Section 38.Reciprocity.

Section 38A.Power of Central Government to make rules.

Section 39.Power to make regulations.

Section 40.Rules, regulations and notifications to laid before Parliament.