Section List

Act Number: 23

Act Name: The Cost Accountants Act, 1959

Year: 1959

Enactment Date: 1959-05-19

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

Ministry: Ministry of Corporate Affairs

Department:

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