Cost and Works Accountants Act, 1959
113. Constitution or reconstitution of firms to require 10[***] approval
(1) After the commencement of the Act, no firm of Cost Accountants shall be constituted or reconstituted except with the previous approval of the 11[Council].
(2) The 11[Council] shall not refuse to accord approval to the constitution or reconstitution of a firm under sub-regulation (1), unless it is of the opinion that the terms of the partnership agreement permit, directly or indirectly, the doing of anything by the firm or any partner thereof which amounts to professional misconduct in relation to a Cost Accountant in practice, or that the terms and conditions of the proposed partnership are not fair and reasonable or that, having regard to the circumstances of the case, the constitution or the reconstitution of the proposed partnership would not be in the interests of the general public.