THE CHARTERED ACCOUNTANTS ACT, 1949 [Act, No. 38 of 1949] [1st May, 1949] PREAMBLE An Act to make provision for the regulation of the1[profession of chartered accountants]. WHEREAS it is expedient to make provision for the regulation of the1[profession of chartered accountants] and for that purpose to establish an Institute of Chartered Accountants; It is hereby enacted as follows:-- ________________________ 1. Substituted for "profession of accountants" by the Chartered Accountants (Amendment) Act, 1959 (15 of 1959), Section 2 (1-7-1959).
View Complete Act List Judgments citing this section(1) All persons whose names are entered in the Register at the commencement of this Act and all persons who may hereafter have their names entered in the Register under the provisions of this Act, so long as they continue to have their names borne on the said Register, are hereby constituted a body corporate by the name of the Institute of Chartered Accountants of India, and all such persons shall be known as members of the Institute. (2) The Institute shall have perpetual succession and a common seal and shall have power to acquire, hold and dispose of property, both movable and immoveable, and shall by its name sue or be sued.
View Complete Act List Judgments citing this section1[Every member of the Institute in practice shall, and any other member may, use the designation of a chartered accountant and no member using such designation shall use any other description, whether in addition thereto or in substitution therefor]: Provided that nothing contained in this section shall be deemed to prohibit any such person from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute of Accountancy, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess, or to prohibit a firm, all the partners of which are members of the Institute and in practice, from being known by its firm name as Chartered Accountants. ________________________ 1. Substituted by the Chartered Accountants (Amendment) Act, 1959 (13 of 1959), S. 6 (1-7-1959).
View Complete Act List Judgments citing this section1[(1)] The duration of any Council constituted under this Act shall be three years from the date of its first meeting, on the expiry of which it shall stand dissolved and a new Council constituted in accordance with the provisions of this Act. 1[(2) Notwithstanding the expiration of the duration of a Council (hereinafter referred to as the former Council), the former Council shall continue to exercise its functions until a new Council is constituted in accordance with the provisions of this Act, and on such constitution, the former Council shall stand dissolved.] ________________________ 1. Section 14 renumbered as sub-section (1) thereof and sub-section (2) added thereto by the Chartered Accountants (Amendment) Act (15 of 1959), Section 12 (1-7-1959).
View Complete Act List Judgments citing this section.....Institute from time to time.] ________________________ 1. Substituted for the words "articled clerks" by the Chartered Accountants (Amendment) Act (15 of 1959) Section 13 (1-7-1959). 2. Words "chartered accountants", omitted, by the Chartered Accountants (Amendment) Act (15 of 1959) Section 13 (1-7-1959). 3. Substituted for the words "chartered accountants", by the Chartered Accountants (Amendment) Act (15 of 1959) Section 13 (1-7-1959). 4. Substituted by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006. Prior to substitution, it read as under:- "(1) The duty of carrying out the provisions of this Act shall be vested in the Council. (2) In particular, and without prejudice to the generality of the foregoing power, the duties of the Council shall include-- (a) the examination of candidates for enrolment and the prescribing of fees therefor, (b) the regulation of the engagement and training of1[articled and audit clerks]; (c) the prescribing of qualifications for entry in the Register; (d) the recognition of foreign qualifications and training for purposes of enrolment; (e) the granting or refusal of certificates of practice under.....
View Complete Act List Judgments citing this section1[15A. Imparting education by Universities and other bodies.-- (1) Subject to the provisions of this Act, any University established by law or any body affiliated to the Institute, may impart education on the subjects covered by the academic courses of the Institute. (2) The Universities or bodies referred to in sub-section (1) shall, while awarding degree, diploma or certificate or bestowing any designation, ensure that the award or designation do not resemble or is not identical to one awarded by the Institute. (3) Nothing contained in this section shall enable a University or a body to adopt a name or nomenclature which is in any way similar to that of the Institute.] __________________________________________ 1. Inserted by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006.
View Complete Act List Judgments citing this section1 CHAPTER V MISCONDUCT ________________________ 1. Substituted for the original Chapter V by the Chartered Accountants (Amendment) Act (15 of 1959) Section 19 [1.7.1959].
View Complete Act List Judgments citing this section1[21C. Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.-- For the purposes of an inquiry under the provisions of this Act, the Authority, the Disciplinary Committee, Board of Discipline and the Director (Discipline) shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), in respect of the following matters, namely:- (a) summoning and enforcing the attendance of any person and examining him on oath; (b) the discovery and production of any document; and (c) receiving evidence on affidavit. Explanation.-For the purposes of sections 21, 21A, 21B, 21C and 22, "member of the Institute" includes a person who was a member of the Institute on the date of the alleged misconduct although he has ceased to be a member of the Institute at the time of the inquiry.] ________________________________ 1. Inserted by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006.
View Complete Act List Judgments citing this section1[21D. Transitional provisions.- All complaints pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to the commencement of the Chartered Accountants (Amendment) Act, 2006, shall continue to be governed by the provisions of this Act, as if this Act had not been amended by the Chartered Accountants (Amendment) Act, 2006.] ________________________________ 1. Inserted by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006.
View Complete Act List Judgments citing this section2[22. Professional or other misconduct defined.-- For the purposes of this Act, the expression "professional or other misconduct" shall be deemed to include any act or omission provided in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Director (Discipline) under sub-section (1) of section 21 to inquire into the conduct of any member of the Institute under any other circumstances. ________________________ 1. Footnote under Section 21. 2. Substituted by the Chartered Accountants (Amendment) Act, 2006, dated 22nd March, 2006. Prior to substitution, it read as under:- "122. Professional misconduct defined.-- For the purposes of this Act, the expression "professional misconduct "shall be deemed to include any act or omission specified in any of the Schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or duty cast on the Council under sub-section (1) of Section 21 to inquire into the conduct of any member of the Institute under any other circumstances."
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