Section Text
(1) The Council at its first meeting shall elect two of its members to be respectively the President and Vice President thereof, and so often as the office of the President or the Vice-President becomes vacant the Council shall choose another person to be the President or the Vice-President as the case may be:
Provided that on the first constitution of the Council a member of the Council nominated in this behalf by the Central Government shall discharge the functions of the President, until such time as a President is elected under the provisions of this sub-section.
(2) The President shall be the Chief Executive Authority of the Council.
(3) The President or the Vice-President shall hold office for a period of one year from the date on which he is chosen but so as not to extend beyond his term of office as, a member of the Council, and, subject to his being a member of the Council at the relevant time, he shall be eligible for re-election 2[under sub-section (1)].
(4)1[On the expiration of the duration of Council, the 3[President and the Vice-President] of the Council at the time of such expiration] shall continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new 3[President and the Vice-President] shall have been elected and shall have taken over 4[charge of their duties].
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1. Substituted for the words "On the dissolution of the Council, the President of the Council at the time of such dissolution"; by the Chartered Accountants (Amendment) Act (15 of 1959) Section 10 (1-7-1959).
2. Inserted by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006. 3. Substituted for the word "President" by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006.
4. Substituted for the word "charge of his duties" by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006.