THE COST AND WORKS ACCOUNTANTS ACT, 1959 [Act, No. 23 of 1959] [19th May, 1959.] PREAMBLE 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:
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 Cost and Works 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 bower to acquire, hold and dispose of property, both moveable and immovable, and shall by its name sue or be sued.
View Complete Act List Judgments citing this sectionEvery member of the Institute in practice shall, and any other member may, use the designation of a cost accountant and no member using such designation shall use any other description, whether in addition thereto or in substitution therefor: Provided that nothing in this section shall be deemed to prohibit any such member 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 cost accountants.
View Complete Act List Judgments citing this section(1) The duration of any Council constituted under this Act shall be 1[four years] from the date of its first meeting. (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 under this Act 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.Substituted by the Cost and Works Accountants (Amendment) Act, 2006 for the words "three years".
View Complete Act List Judgments citing this section1[ Section 15A - Functions of Institute The functions of the Institute shall include-- (a) the examination of candidates for enrolment; (b) the regulation of training of students; (c) the maintenance and publication of a Register of persons qualified to practice as cost accountants; (d) collection of fees from members, examinees and other persons; (e) subject to the orders of the appropriate authorities under this Act, the removal of names from the Register and the restoration to the Register of names which have been removed; (f) the maintenance of a library and publication of books and periodicals relating to accountancy and allied subjects; (g) the conduct of elections to the Council of the Institute; and (h) the granting or refusal of certificates of practice as per guidelines issued by the Council.] _____________________________ 1.Inserted by Cost and Works Accountants (Amendment) Act, 2006 (7 of 2006).
View Complete Act List Judgments citing this section1[ Section 15B - 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 Cost and Works Accountants (Amendment) Act, 2006 (7 of 2006).
View Complete Act List Judgments citing this section.....Committee of which he is a member, arid in his absence, the Vice-President, if he is a member of the Committee, shall be the Chairman. (8) The Standing Committees and other Committees formed under this section shall exercise such functions and be subject to such conditions in the exercise thereof as may be prescribed. _________________________ 1.Substituted by the Cost and Works Accountants (Amendment) Act, 2006 for the words "a Disciplinary Committee; and". 2.Sub- Section 3 s ubstituted by the Cost and Works Accountants (Amendment) Act, 2006. 3.Sub- Section 4 and 5 are omitted by the Cost and Works Accountants (Amendment) Act, 2006. 4.Substituted by the Cost and Works Accountants (Amendment) Act, 2006 for the words "two-thirds of total membership of the Committee".
View Complete Act List Judgments citing this section.....of any professional or other misconduct mentioned in the First Schedule, he shall place the matter before the Board of Discipline and where the Director (Discipline) is of the opinion that a member is guilty of any professional or other misconduct mentioned in the Second Schedule or in both the Schedules, he shall place the matter before the Disciplinary Committee. (4) In order to make investigations under the provisions of this Act, the Disciplinary Directorate shall follow such procedure as may be specified. (5) Where a complainant withdraws the complaint, the Director (Discipline) shall place such withdrawal before the Board of Discipline or as the case may be, the Disciplinary Committee, and the said Board of Committee may, if it is of the view that the circumstances so warrant, permit the withdrawal at any stage.]. ______________________________ 1. Section 21 substituted by the Cost and Works Accountants (Amendment) Act, 2006.
View Complete Act List Judgments citing this section.....one of whom shall be a member of the Council elected by the Council and the other member shall be the person designated under clause (c) of sub-section (1) of section 16; (c) the Director (Discipline) shall function as the Secretary of the Board. (2) The Board of Discipline shall follow summary disposal procedure in dealing with all the cases before it. (3) Where the Board of Discipline is of the opinion that a member is guilty of a professional or other misconduct mentioned in the First Schedule, it shall afford to the member an opportunity of being heard before making any order against him and may thereafter take any one or more of the following actions, namely:(tm) (a) reprimand the member; (b) remove the name of the member from the Register up to a period of three months; (c) impose such fine as it may think fit which may extend to rupees one lakh. (4) The Director (Discipline) shall submit before the Board of Discipline all information and complaints where he is of the opinion that there is no prima facie case and the Board of Discipline may, if it agrees with the opinion of the Director (Discipline), close the matter or in case of disagreement, may advise.....
View Complete Act List Judgments citing this section1 [Section 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 Cost and Works Accountants (Amendment) Act, 2006 (7 of 2006).
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