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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 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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