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Chartered Accountants Act, 1949 Section 22

Title: Professional or Other Misconduct Defined

State: Central

Year: 1949

2[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."

Banking Regulation Act, 1949 Section 10A

Title: Board of Directors to Include Persons with Professional or Other Experience

State: Central

Year: 1949

..... (7) Every director elected or,as the case may be, appointed under this section shall hold office until thedate up to which his predecessor would have held office, if the election hadnot been held, or, as the case may be, the appointment had not been made. (8) No act or proceeding of theBoard of directors of a banking company shall be invalid by reason only of anydefect in the composition thereof or on the ground that it is subsequentlydiscovered that any of its members did not fulfil the requirements of thissection. ___________________ 1. Section 10A to 10D Inserted by Act 58 of 1968, Section 3 w.e.f.1-2-1969. 2. Inserted by Act 1 of 1984, Section 16 w.e.f. 15-2-1984.

Chartered Accountants Act, 1949 Schedule I

Title: The First Schedule

State: Central

Year: 1949

.....practice or a person resident without India who but for his residence abroad would be entitled to be registered as a member under clause (v) of sub-section(1) of Section 4 or whose qualifications are recognised by the Central Government or the Council for the purpose of permitting such partnerships, provided that the chartered accountant shares in the fees, or profits of the business of the partnership both within and without India; (5)secures, either through the services of a person not qualified to be his partner or by means which are not open to a chartered accountant, any professional business; (6)solicits clients or professional work either directly or indirectly, by circular, advertisement, personal communication or interview or by any other means; (7)advertises his professional attainments or services, or uses any designation or expressions other than chartered accountant on professional documents, visiting cards, letterheads or signboards unless it be a degree of a University established by law in India or recognised by the Central Government or a title indicating membership of the Institute of Chartered Accountants or of any other institution that has been.....

Chartered Accountants Act, 1949 Complete Act

State: Central

Year: 1949

.....Register; (d) the recognition of foreign qualifications and training for purposes of enrolment; (e) the granting or refusal of certificates of practice under this Act; (f) the maintenance and publication of a Register of persons qualified to practise chartered accountants; (g) the levy and collection of fees from members, examinees and other persons; (h) the removal of names from the Register and the restoration to the Register of names which have been removed; (i) the regulation, and maintenance of the status and standard of professional qualifications of members of the Institute; (j) the carrying out, by financial assistance to persons other than members of the Council or in any other manner, of research in accountancy; (k) the maintenance of a library and publication of books and periodicals relating to accountancy; and (l) the exercise of disciplinary powers conferred by this Act. SECTION 16: STAFF, REMUNERATION AND ALLOWANCES (1) For the efficient performance of its duties, the Council may- (a) appoint a Secretary who may also, if so decided by the Council, act as Treasurer; (b) appoint such other officers and servants as it deems necessary; (c) require and.....

Chartered Accountants Act, 1949 Schedule II

Title: The Second Schedule

State: Central

Year: 1949

.....of any business or enterprise in which he, his firm, or a partner in his firm has a substantial interest; (5) fails to disclose a material fact known to him which is not disclosed in a financial statement, but disclosure of which is necessary in making such financial statement where he is concerned with that financial statement in a professional capacity; (6) fails to report a material misstatement known to him to appear in a financial statement with which he is concerned in a professional capacity; (7) does not exercise due diligence, or is grossly negligent in the conduct of his professional duties; (8) fails to obtain sufficient information which is necessary for expression of an opinion or its exceptions are sufficiently material to negate the expression of an opinion; (9) fails to invite attention to any material departure from the generally accepted procedure of audit applicable to the circumstances; (10) fails to keep moneys of his client other than fees or remuneration or money meant to be expended in a separate banking account or to use such moneys for purposes for which they are intended within a reasonable time. PART II Professional misconduct.....

Chartered Accountants Act, 1949 Section 21

Title: Disciplinary Directorate

State: Central

Year: 1949

.....referred to in sub-section (4), it shall forward the case to the High Court with its recommendations thereon. (6) On receipt of any case under sub-section (4) or sub-section (5), the High Court shall fix a date for the hearing of the case and shall cause notice of the date so fixed to be given to the member of the Institute concerned, the council and to the Central Government, and shall afford such member, the Council and the Central Government an opportunity of being heard, and may thereafter make any of the following orders, namely:-- (a) direct that the proceeding be filed, or dismiss the complaint, as the case may be; (b) reprimand the member; (c) remove him from membership of the Institute either permanently or for such period as the High Court thinks fit, (d) refer the case to the Council for further inquiry and report. (7) Where it appears to the High Court that the transfer of any case pending before it to another High Court, will promote the ends of justice or tend to the general convenience of the parties, it may so transfer the case, subject to such conditions, if any, as it thinks fit to impose, and the High Court to which such case is transferred shall.....

Chartered Accountants Act, 1949 Chapter III

Title: Council of the Institute

State: Central

Year: 1949

..... (e) the recognition of foreign qualifications and training for the purposes of enrolment; (f) the granting or refusal of certificates of practice under this Act; (g) the maintenance and publication of a Register of persons qualified to practice as chartered accountants; (h) the levy and collection of fees from members, examinees and other persons; (i) subject to the orders of the appropriate authorities under the Act, the removal of names from the Register and the restoration to the Register of names which have been removed; (j) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute; (k) the carrying out, by granting financial assistance to persons other than members of the Council or in any other manner, of research in accountancy; (l) the maintenance of a library and publication of books and periodicals relating to accountancy; (m) to enable functioning of the Director (Discipline), the Board of Discipline, the Disciplinary Committee and the Appellate Authority constituted under the provisions of this Act; (n) to enable functioning of the Quality Review Board; (o) consideration of the.....

Bombay Provincial Municipal Corporation Act, 1949 Complete Act

State: Maharashtra

Year: 1949

.....Corporation is inserted. (iv) any joint stock company or any society, registered or deemed to be registered under the Bombay Co-operative Societies Act, 19251[which shall contract with or be employed by the Commissioner or the Transport Manager on behalf of the Corporation ; (v) the occasional sale to the Commissioner or Transport manager on behalf of the Corporation of any article in which he regularly trades to a value not exceeding in the aggregate in any one official year two thousand rupees; or (vi) the occasional letting out on hire to the Corporation or in the hiring from the Corporation of any article for an amount not exceeding in the aggregate in any one official year five hundred rupees ; (c) occupying as a tenant for the purpose of residence any premises belonging to the Corporation ; or (d) receiving conveyance charges as a member of the Transport Committee. SECTION 11: DISABILITIES FROM CONTINUING AS COUNCILLOR A Councillor shall cease to hold office as such if at any time during his term of office he, (a) becomes disqualified for being a Councillor by reason of the provisions of section 10 ; (b) absents himself during three successive months from the meetings of.....

Banking Regulation Act, 1949 Part 2

Title: Business of Banking Companies

State: Central

Year: 1949

.....of guarantee and indemnity business; (f) managing, selling andrealising any property which may come into the possession of the company insatisfaction or part satisfaction of any of its claims; (g) acquiring and holding andgenerally dealing with any property or any right, title or interest in any suchproperty which may form the security or part of the security for any loans or advancesor which may be connected with any such security; (h) undertaking and executingtrusts; (i) undertaking theadministration of estates as executor, trustee or otherwise; (j) establishing and supportingor aiding in the establishment and support of associations, institutions,funds, trusts and conveniences calculated to benefit employees or ex-employeesof the company or the dependents or connections of such persons; grantingpensions and allowances and making payments towards insurance; subscribing toor guaranteeing moneys for charitable or benevolent objects or for anyexhibition or for any public, general or useful object; (k) the acquisition,construction, maintenance and alteration of any building or works necessary orconvenient for the purposes of the company; (l) selling,.....

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....