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Cost and Works Accountants Act, 1959

[Act No. 23 of Year 1959]

Contents

Sections

Particulars

Chapter I

Preliminary 1959

1

Short title, extent and commencement

2

Definitions and interpretation

Chapter II

The Institute of Cost and Works Accountants

3                           

Incorporation of the Institute

4

Entry of names in the Register

5

Fellows and associates

6

Certificate of practice

7

Members to be known as cost accountants

8

Disabilities

Chapter III

Council of the Institute

9

Constitution of the Council of Institute

10

Mode of election to Council

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

16

Staff remuneration and allowances

17

Committees of the Council

18

Finances of the Council

Chapter IV

Register of Members

19

Register

20

Removal from the Register

Chapter V

Misconduct

21

Procedure in inquiries relating to misconduct of members of Institute

22

Misconduct defined

Chapter VI

Regional Councils

23

Constitution and functions of Regional Councils

Chapter VII

Penalties

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

Chapter VIII

Dissolution of The Institute of Cost and Works Accountants Registered under the Companies Act, 1956 (1 Of 1956)

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

Chapter IX

Miscellaneous

33

Appeals

34

Alteration in Register and cancellation of certificate

35

Directions of the Central Government

36

Protection of action taken in good faith

37

Maintenance of branch offices

38

Reciprocity

39

Power to make regulations

Schedule I

Part I

Professional Misconduct In Relation To Cost Accountants In Practice

Part II

Professional Misconduct In Relation To Members Of The Institute In Service

Part III

Professional Misconduct In Relation To Members Of The Institute Generally

Schedule II

Part I

Professional Misconduct In Relation To Cost Accountants In Practice Requiring Action By A High Court

Part II

Professional Misconduct In Relation To Members Of The Institute Generally Requiring Action By A High Court

Cost And Works Accountants Regulations, 1959

Chapter I

Preliminary

1

Short title

2

Definitions

Chapter II

Members of the Institute

3

Register

4

Qualification for Members

5

Qualifications for fellowship

6

Application for membership

7

Fees

8

Refund of fees

9

Certificate of Membership

10

Certificate of Practice

11

Cancellation of Certificate of Practice

Chapter III

Complaints and Enquiries

12

Complaints and enquiries relating to misconduct of members

13

Information relating to misconduct of members

14

Procedure in any enquiry before the Disciplinary Committee

15

Report of the Disciplinary Committee

15A

Procedure in hearing before the Council

16

Notification of removal

17

Restoration of Membership

18

Notification of restoration

Chapter IV

Registered Students

19

Eligibility to take Examinations

20

Conditions of Registration

20A

Admission to the Foundation Course Examination

20B

Fee, papers and syllabus for Foundation Course

20C

Foundation Course Examination

21

Registration Fee

22

Refund of fees

23-23A

Regulations 23 and 23A omitted by Notification No. CWR (1) / 88, dated 31-1-1989

24

Position of Registered Students

25

Time limit for Examinations and Cancellation of Registration

25A

Registration de novo

26

Examination rules

27

Suspension and cancellation of Registration

28

Termination of Registration

28A

Coaching Administration and Training

Chapter IVA

Graduates

28B

Grad. CWA

Chapter V

Qualifying Examinations

29

Who can become a member of the Institute

Intermediate Examination

30

Admission to and fees for Intermediate Examination

31

Stages, Papers and Syllabus for the Intermediate Examination under the revised syllabus

32

Exemption from the subjects for appearing in Intermediate Examination 

32A

Exemptions

33

Admission to and fees for Final Examination

34

Groups, Papers and Syllabus for the Financial Examination under the Revised Syllabus

35

Exemption from the subjects for appearing in Final Examination

35A

Exemptions

36

Conduct of Examinations

37

Application for admission of Examination

38

Refund of fees

39

Candidates to be supplied with Admission Cards

41

Examination results

42

Disciplinary action against candidates resorting to unfair means

43

Examiners

44

" style="color: blue; text-decoration: underline; text-underline: single">Practical Training

Chapter VI

Post Graduate Training

45

Training for Members

Management Accountancy Examination

46

Scheme of Management Accountancy Examination

47

Admission to Part I of Management Accountancy Examination and Admission fee

48

Papers and Syllabus for Part I of Management Accountancy Examination

49

Declaration of Results

50

Thesis and Viva-Voce

51

Examination Certificate and qualifying letters

Chapter VII

Elections

52

Dates of election

53

Members eligible to vote

54

Qualifications of members to stand for election

55

Number of members to be elected

56

List of Voters

57

Nomination of candidates

58

Withdrawal of candidature

59

Security of nominations

60

Appeal

61

List of valid nominations

62

Candidates deemed to be elected if their number is equal to or less than the number of persons to be elected

63

Admissible number of votes to each voter

63A

Mode of elections

63B

Polling booths

63C

Polling officer

63D

Secret chamber and ballot paper

63E

Presence of candidates at polling booths

63F

Voting to be in person and not by proxy

63G

Identification of voters

63H

Record to be kept by polling officer

63I

Manner of recording of votes after receipt of ballot paper

63J

Return of ballot paper by a voter

63K

Hours of polling

63L

Transport of ballot papers and their custody

63M

Voting by members employed on duty at polling booth

63N

Eligibility to vote by post

64

Eligibility to vote by poll by a voter entitled to vote by post

65

Ballot papers to be sent by post

65A

Ballot papers to be returned after recording votes thereon

65B

Issue of undelivered and fresh ballot papers

65C

Grounds for declaring ballot papers invalid

66

Definitions

66A

Appointment of time for counting of votes

67

Counting of votes

68A

Presence for candidate at the time of counting votes

69

Notification of the declaration of results

69A

Saving

70

Disciplinary action against member in connection with conduct of elections

70A

Dispute regarding election

Chapter VIII

Meetings and Proceedings of the Council

71

Meetings of the Council

72

Notice of Council meeting

73

Special meetings of Council

73A

Postponement of meetings

74

Chairman of Council

75

Quorum at meeting

76

Passing of resolution at meeting

77

Adjournment of meeting of Council

78

Record of minutes

79

Passing of resolution by circulation

Chapter IX

Standing and other Committees

80

Time and place of meeting

81

Quorum

82

Procedure for transaction of business

83

Casting vote

84

Minutes

85

Executive Committee

86

Examination Committee

87

Training and Educational Facilities Committee

87A

Professional Development Committee

87B

Research and Publications Committee

87C

Journal Committee

88

Council's power of review not affected

Chapter X

Miscellaneous

89

Location of the office of the Council

90

Administration of the Institute

91

Custody of Common Seal

92

Affixing of Common Seal

93

Maintenance of accounts

94

Audit of accounts

95

Appointment of auditors

96

Auditors

97

Retirement of auditors

98

Powers and duties of the President and Vice-President

99

Powers and duties of the Secretary

100

Indemnity from losses and expenses

101

Method of payment of fees

102

Issue of Duplicate Certificates

103

Proof of service of notice

104

Publication of list of members

105

Members to supply information

106

Branch office

107

Offices not in charge of members

108

Prior approval of the Council to use own name or trade name or firm name

109

Particulars of Nationality

110

Place of business in India

111

Cost Accountants in practice not to engage in any other business or occupation

111A

Other functions of a Cost Accountant in practice

112

9[***]

113

Constitution or reconstitution of firms to require 10[***] approval

Chapter XI

Regional Councils

114

Constitution of Regional Councils

115

Regional Register of Members

116

Functions of the Regional Councils

117

Election of the Regional Council

118

Conduct of elections

119

Disputes regarding election

120

Vacancies

121

Duration of Regional Council

122

Officers of the Regional Council

123

Chief Executive authority

124

Functions of Secretary of the Regional Council

125

Continuance in office

126

Other staff

127

Committees of the Regional Council

128

Chairman of Committee

129

Term of Office

130

Meetings

131

Finances and Accounts of the regional council

132

Expenditure from fund

133

Audit

134

Audit report

135

Meetings of the Regional Councils

136

Annual General Meetings of the members of Regional Constituencies

137

Extraordinary General meetings

138

Notice of meeting

139

Notice of proposals

140

Chairman

141

Quorum

142

Adjournment

143

Decisions to be by majority

144

Who can vote

145

Dissolution of the regional council

Chapter XII

Chapters of Cost Accountants

146

Chapters of cost accountants

Schedule

Form A

Register Of Members Of The Institute Of Cost And Works Accountants Of India

Form B

Application For Admission As Associate /Fellow Of The Institute Of Cost And Works Accountants Of India

Form C

Certificate Of Membership

Form D

Application For The Issue Or Renewal Of A Certificate Of Practice

Form E

Certificate Of Practice

Form F

Renewal Of Certificate Of Practice

Form G

Complaint

Form H

Application For Restoration To Membership Of The Institute Of Cost And Works Accountants Of India

Form I

Application For Registration As A Student

Form J

Examination Certificate

Form K

Nomination Of A Candidate For Election To The Council Of The Institute Of Cost And Works Accountants Of India

Form L

Particulars Of Offices And Firm

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

Be it enacted by Parliament in the Tenth Year of the Republic of India as follows 

Comment: The Act seeks to authorize the establishment of an autonomous Institute of Cost Accountants and to entrust to it the functions of regulating the profession.



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