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Bar News Acts League

The Cost and Works Accountants Act, 1959

Act ID: 1959

The Cost and Works Accountants Act, 1959

"An Act to make provision for the regulation of the profession of cost and works accountants."

Table of Contents

59 Sections

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Definitions and interpretation.

Ch. 2

THE INSTITUTE OF COST ACCOUNTANTS

S.3Incorporation of the Institute.S.4Entry of names in the Register of members.S.5Fellows and Associates.S.6Certificate of practice.S.7Members to be known as cost accountants.S.8Disabilities.

Ch. 3

COUNCIL OF THE INSTITUTE

S.9Constitution of the Council of the Institute.S.10Re-election or re-nomination to Council.S.10ASettlement of disputes regarding election.S.10BEstablishment of Tribunal.S.11Nomination in default of election.S.12President and Vice-president.S.13Resignation of membership and casual vacancies.S.14Duration and dissolution of Council.S.15Functions of the Council.S.15AFunctions of Institute.S.15BImparting education by Universities and other bodies.S.16Officers and employees, salary, allowances, etc.S.17Committees of the Council.S.18Finances of the Council.

Ch. 4

REGISTER OF MEMBERS

S.19Register of members.S.20Removal from the Register of members.

Ch. 5

MISCONDUCT

S.21Disciplinary Directorate.S.21ABoard of Discipline.S.21BDisciplinary Committee.S.21CAuthority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.S.21DTransitional provisions.S.22Professional or other misconduct defined.S.22AConstitution of Appellate Authority.S.22BTerm of office of members of Authority.S.22CProcedure, etc., of Authority.S.22DOfficers and other staff of Authority.S.22EAppeal to Authority.

Ch. 6

REGIONAL COUNCIL

S.23Constitution and functions of Regional Councils.

Ch. 7

PENALTIES

S.24Penalty for falsely claiming to be a member, etc.S.25Penalty for using name of the Council, awarding degrees of cost accountancy, etc.S.26Companies not to engage in cost accountancy.S.27Unqualified persons not to sign documents.S.28Offences by companies.S.29Sanction to prosecute.

Ch. 8

QUALITY REVIEW BOARD

S.29AEstablishment of Quality Review Board.S.29BFunctions of Board.S.29CProcedure of Board.S.29DTerms and conditions of service of Chairperson and members of Board and its expenditure.

Ch. 9

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

S.30Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act, 1956.S.31Transfer of assets and liabilities of the dissolved company to the Institute.S.32Provisions respecting employees of the dissolved company.

Ch. 10

MISCELLANEOUS

S.33Omitted.S.34Alteration in the Register and cancellation of certificate.S.35Directions of the Central Government.S.36Protection of action taken in good faith.S.36AMembers, etc., to be public servants.S.37Maintenance of branch offices.S.38Reciprocity.S.38APower of Central Government to make rules S.39Power to make regulations.S.40Rules, regulations and notifications to laid before Parliament.