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	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.