Act 23 of 1959

The Cost Accountants Act, 1959

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

Ministry of Corporate Affairs
Enacted 1959-05-19
59 sections

Section	Title
1	Short title, extent and commencement.	Read
2	Definitions and interpretation.	Read
3	Incorporation of the Institute.	Read
4	Entry of names in the Register of members.	Read
5	Fellows and Associates.	Read
6	Certificate of practice.	Read
7	Members to be known as cost accountants.	Read
8	Disabilities.	Read
9	Constitution of the Council of the Institute.	Read
10	Re-election or re-nomination to Council.	Read
10A	Settlement of disputes regarding election.	Read
10B	Establishment of Tribunal.	Read
11	Nomination in default of election.	Read
12	President and Vice-president.	Read
13	Resignation of membership and casual vacancies.	Read
14	Duration and dissolution of Council.	Read
15	Functions of the Council.	Read
15A	Functions of Institute.	Read
15B	Imparting education by Universities and other bodies.	Read
16	Officers and employees, salary, allowances, etc.	Read
17	Committees of the Council.	Read
18	Finances of the Council.	Read
19	Register of members.	Read
20	Removal from the Register of members.	Read
21	Disciplinary Directorate.	Read
21A	Board of Discipline.	Read
21B	Disciplinary Committee.	Read
21C	Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.	Read
21D	Transitional provisions.	Read
22	Professional or other misconduct defined.	Read
22A	Constitution of Appellate Authority.	Read
22B	Term of office of members of Authority.	Read
22C	Procedure, etc., of Authority.	Read
22D	Officers and other staff of Authority.	Read
22E	Appeal to Authority.	Read
23	Constitution and functions of Regional Councils.	Read
24	Penalty for falsely claiming to be a member, etc.	Read
25	Penalty for using name of the Council, awarding degrees of cost accountancy, etc.	Read
26	Companies not to engage in cost accountancy.	Read
27	Unqualified persons not to sign documents.	Read
28	Offences by companies.	Read
29	Sanction to prosecute.	Read
29A	Establishment of Quality Review Board.	Read
29B	Functions of Board.	Read
29C	Procedure of Board.	Read
29D	Terms and conditions of service of Chairperson and members of Board and its expenditure.	Read
30	Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act, 1956.	Read
31	Transfer of assets and liabilities of the dissolved company to the Institute.	Read
32	Provisions respecting employees of the dissolved company.	Read
33	Omitted.	Read
34	Alteration in the Register and cancellation of certificate.	Read
35	Directions of the Central Government.	Read
36	Protection of action taken in good faith.	Read
36A	Members, etc., to be public servants.	Read
37	Maintenance of branch offices.	Read
38	Reciprocity.	Read
38A	Power of Central Government to make rules	Read
39	Power to make regulations.	Read
40	Rules, regulations and notifications to laid before Parliament.	Read