Chapter VIII
MISCELLANEOUS
29. Reciprocity.
29. Reciprocity.—(1) Where any country, specified by the Central Government in this behalf by notification in the Official Gazette, prevents persons of Indian domicile from becoming members of any institution similar to the Institute of Chartered Accountants of India or from practising the profession of accountancy or subjects them to unfair discrimination in that country, no subject of any such country shall be entitled to become a member of the Institute or practise the profession of accountancy in India.
(2) Subject to the provisions of sub-section (1), the Council may prescribe the conditions, if any, subject to which foreign qualifications relating to accountancy shall be recognised for the purposes of entry in the Register.
29-A. Power of Central Government to make rules.
[i][29-A. Power of Central Government to make rules.—(1) The Central Government may, by notification, make rules to carry out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may provide for all or any of the following matters, namely:—
(a) the manner of election and nomination in respect of members to the Council under sub-section (2) of Section 9;
(b) the terms and conditions of service of the Presiding Officer and Members of the Tribunal, place of meetings and allowances to be paid to them under sub-section (3) of Section 10-B;
(c) the procedure of investigation under sub-section (4) of Section 21;
(d) the procedure while considering the cases by the Disciplinary Committee under sub-section (2), and the fixation of allowances of the nominated members under sub-section (4) of Section 21-B;
(e) the allowances and terms and conditions of service of the Chairperson and members of the Authority and the manner of meeting expenditure by the Council under Section 22-C;
(f) the procedure to be followed by the Board in its meetings under Section 28-C; and
(g) the terms and conditions of service of the Chairperson and members of the Board under sub-section (1) of Section 28-D.]
30. Power to make regulations.
30. Power to make regulations.—(1) The Council may, by notification in the Gazette of India, make regulations for the purpose of carrying out the objects of this Act, [ii][* * *].
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters :—
(a) the standard and conduct of examinations under this Act;
(b) the qualifications for the entry of the name of any person in the Register as a member of the Institute;
(c) the conditions under which any examination or training may be treated as equivalent to the examination and training prescribed for members of the Institute;
(d) the conditions under which any foreign qualification may be recognised;
(e) the manner in which and the conditions subject to which applications for entry in the Register may be made;
(f) the fees payable for membership of the Institute and the annual fees payable by associates and fellows of the Institute in respect of their certificates;
(g) the manner in which elections to [iii][* * *] the Regional Councils may be held;
(h) the particulars to be entered in the Register;
(i) the functions of Regional Councils;
[iv][(j) the training of articled and audit [v][assistants], the fixation of limits within which premia may be charged from articled [vi][assistants] and the cancellation of articles and termination of audit service for misconduct or for any other sufficient cause.]
(k) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute;
(l) the carrying out of research in accountancy;
(m) the maintenance of a library and publication of books and periodicals on accountancy;
(n) the management of the property of the Council and the maintenance and audit of its accounts;
(o) the summoning and holding of meetings of the Council, the times and places of such meetings, the conduct of business thereat and the number of members necessary to form a quorum;
(p) the powers, duties and functions of the President and the Vice-President of the Council;
(q) the functions of the standing and other committees and the conditions subject to which such functions shall be discharged;
(r) the terms of office, and the powers, duties and functions of the Secretary and other officers and servants of the Council; [vii][and]
(s) [viii][* * *]
(t) any other matter which is required to be or may be prescribed under this Act.
(3) All regulations made by the Council under this Act shall be subject to the condition of previous publication and to the approval of the Central Government.
(4) Notwithstanding anything contained in sub-sections (1) and (2) the Central Government may frame the first regulations for the purposes mentioned in this section, and such regulations shall be deemed to have been made by the Council, and shall remain in force from the date of the coming into force of this Act, until they are amended, altered or revoked by the Council.
30-A. Powers of Central Government to direct regulations to be made or to make or amend regulations.
[ix][30-A. Powers of Central Government to direct regulations to be made or to make or amend regulations.—(1) Where the Central Government considers it expedient so to do, it may, by order in writing, direct the Council to make any regulations or to amend or revoke any regulations already made which such period as it may specify in this behalf.
(2) If the Council fails or neglects to comply with such order within the specified period, the Central Government may make the regulations or amend or revoke the regulations made by the Council, as the case may be, either in the form specified in the order or with such modifications thereof as the Central Government thinks fit.]
30-B. Rules, regulations and notifications to be laid before Parliament.
[x][30-B. Rules, regulations and notifications to be laid before Parliament.—Every rule and every regulation made and every notification issued under this Act shall be laid, as soon as may be after it is made or issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule, regulation or notification, or both Houses agree that the rule, regulation or notification should not be made or issued, the rule, regulation or notification, shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule, regulation or notification.]
30-C. Power of Central Government to issue directions.
[xi][30-C. Power of Central Government to issue directions.—(1) In the event of non-compliance by the Council of any provisions of this Act, the Central Government may give to the Council such general or special directions as it considers necessary to ensure compliance and the Council shall, in the discharge of its functions under this Act, comply with such directions.
(2) If, in the opinion of the Central Government, the Council has persistently made default in giving effect to the directions issued under sub-section (1), it may, after giving an opportunity of being heard to the Council, by notification, dissolve the Council, whereafter a new Council shall be constituted in accordance with the provisions of this Act with effect from such date as may be decided by the Central Government :
Provided that the Central Government shall ensure constitution of a new Council in accordance with the provisions of this Act within a period of one year from the date of its dissolution.
(3) Where the Central Government has issued a notification under sub-section (2) dissolving the Council, it shall, pending the constitution of a new Council in accordance with the provisions of this Act, nominate any person or body of persons not exceeding five members to manage the affairs and discharge all or any of the functions of the Council under this Act.]
30-D. Protection of action taken in good faith.
[xii][30-D. Protection of action taken in good faith.—No suit, prosecution or other legal proceeding shall lie against the Central Government or the Council or the Authority or the Disciplinary Committee or the Tribunal or the Board or the Board of Discipline or the Disciplinary Directorate or any officer of that Government, Council, Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate, for any thing which is in good faith done or intended to be done under this Act or any rule, regulation, notification, direction or order made thereunder.]
30-E. Members, etc., to be public servants.
[xiii][30-E. Members, etc., to be public servants.—The Chairperson, Presiding Officer, members and other officers and employees of the Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate shall be deemed to be public servants within the meaning of Section 21 of the Indian Penal Code (45 of 1860).]
31. Construction of references.
[xiv][31. Construction of references.—Any reference to a chartered accountant or a registered accountant or a certified or qualified auditor in any other law or in any document whatsoever shall be construed as a reference to a chartered accountant in practice within the meaning of this Act.]
32. Act not to affect right of accountants to practise as such in Part B States.
32. Act not to affect right of accountants to practise as such in Part B States.—Nothing contained in this Act shall affect the right of any person who, at the commencement of this Act, is entitled to engage himself in the practice of accountancy in any Part B State under any law in force in that State, to continue to engage himself in the practice of accountancy in that State after the commencement of this Act.
33. Amendment of Section 144, Indian Companies Act, 1913.
33. Amendment of Section 144, Indian Companies Act, 1913.—[Repealed by the Repealing and Amending Act, 1952 (48 of 1952), Section 2 and Schedule I.]
References
[i] Inserted by Act 9 of 2006, Section 25 (w.e.f. 8-8-2006).
[ii] Omitted by Act 9 of 2006, Section 26(a) (w.e.f. 8-8-2006).
[iii] The words “the Council and” omitted by Act 9 of 2006, Section 26(b)(i) (w.e.f. the date to be notified).
[iv] Substituted by Act 15 of 1959, Section 23 (w.e.f. 1-7-1959).
[v] Substituted for “clerks” by Act 9 of 2006, Section 26(b)(ii) (w.e.f. the date to be notified).
[vi] Substituted for “clerks” by Act 9 of 2006, Section 26(b)(ii) (w.e.f. the date to be notified).
[vii] Inserted by Act 9 of 2006, Section 26(b)(iii) (w.e.f. the date to be notified).
[viii] Omitted by Act 9 of 2006, Section 26(b)(iv) (w.e.f. the date to be notified).
[ix] Inserted by Act 15 of 1959, Section 24 (w.e.f. 1-7-1959).
[x] Substituted by Act 9 of 2006, Section 27 (w.e.f. the date to be notified).
[xi] Inserted by Act 9 of 2006, Section 28 (w.e.f. 8-8-2006).
[xii] Inserted by Act 9 of 2006, Section 28 (w.e.f. 17-11-2006).
[xiii] Inserted by Act 9 of 2006, Section 28 (w.e.f. 17-11-2006).
[xiv] Substituted by Act 15 of 1959, Section 25.
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