THE COST AND WORKS ACCOUNTANTS REGULATIONS, 1959 (as amended upto 12-11-2014)

1 · 2_

173 · 173

174 · 174 174 174 174 175 175 176 176

12 · . Complaints and enquiries relating to misconduct of members 13 . Information relating to misconduct of members 14. Procedure in any enquiry before the Disciplinary Committee 15 . Report of the Disciplinary Committee ISA. Procedure in hearing before the Council 1SB. Fees & Procedure 16 . Notification of Removal 17. Restoration to Membership I7A. Restoration of certificate of preactice 18. Notification of Restoration

177 · 179 179 180 180 180 181 181 182 182

19 · Eligibility to take Examinations 20 . Conditions for Registration 20A. Admission to Foundation Course Examination 20B. Eligibility and Contents of the course of the foundation course Examination 20C. Foundation Course Examination Results 21. Registration Fee 22. Refund of Fees 23_ & 23A. Deleted 24. Position of Registered Students 25 . Time limit for Examinations and Cancellation of Registration 25A. Registration De Novo 26 . Examination Rules 27. Suspension and cancellation of Registration 28. Termination of Registration 28A Coaching Administration and Training

182 · 182 183 184

184 · 184 185

185 · 185 185 185 185 186 186

28B ·

187 · 187 187 187 188 189 189 190

191 · 192 192 192

42 · Disciplinary action against candidates resorting to unfair means 194 43_ Examiners 194 44. Practical Training 194

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197 · 197 198

198 · 199 199 200 200 200 201 201 201 201

202 · 202 203 203

83 · _ Casting Vote 84_ Minutes. 85 . Executive Committee 85A Finance Committee 86. Examination Committee 87 . Training and Educational Facilities Committee 87A. Professional Development Committee 87B. Research and Publications Committee 87C. Journal Committee 88, Council $ power of review not affected

203 · 203 204 205 206 206 207 207 208 208

89 · Location of the Office of the Council 90. Administration of the Institute 91_ Custody of Common Seal 92 Affixing of Common Seal 93_ Maintenance of accounts 94 Audit of accounts 95 . Appointment of Auditors 96. Auditors 97. Retirement of Auditors 97A Budget Estimate 97B. Approval, Circulation and Publication of Audited Accounts and Council Report 98_ Powers and duties of President and Vice-President 99. Powers and duties of Secretary 100 . Indemnity from losses and expenses 101. Method of payment of fees 102. Issue of Duplicate Certificates 103 . Proof of service of notice 104. Publication of list of members 105 . Members to supply information 106. Branch Office 107 . Offices not in charge of members 108. Prior Approval of Council 109. Particulars of Nationality 110. Place of business in India 111. Cost Accountants in practice not to engage in any [170]

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210 · 211 212 212 213 213 213 214 214 214 214 216 216 217

217 · 217 218

114 · Constitution of Regional Councils 115 . Regional Register of Members 116. Functions of the Regional Councils 118. Conduct of elections 117. Deleted 119. Disputes regarding election 120 . Vacancies 121. Duration of Regional Council 122 . Officers of the Regional Council 123 . Powers and Duties of Chairman of a Regional Council 124. Functions of Secretary of the Regional Council 125 . Continuance in Office 126. Other Staff 127 . Committees of the Regional Council 128. Chairman of Committee 129. Term of Office 130. Meetings 131. Finances and Accounts of the Regional Council 132. Expenditure from fund 133 . Audit 134. Audit Report 135 . Meetings of the Regional Councils 136. Annual General Meetings of the Members of Regional Constituencies 137. Extraordinary General Meetings 138. Notice of 'meeting [171]

220 · 221 221 222

223 · 223 224 224 225 225 225 225 226 226 226 227 227 227 227 228 228 228

228 · 228

139 · Notice of Proposals 140. Chairman 141. Quorum 142 . Adjournment 143, Decisions to be by majority 144. Who can vote 145. Dissolution of the Regional Council 145A Directions of Council

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3 · Register__The Register of Members of the Institute shall be in appropriate Form' 4 Qualifications for Members. Subject to the provisions of Sections 4 and 5, no person shall be entitled to have his name entered in the Register unless he (a) has passed the examinations and completed practical training prescribed in Chapter V; O1 (b) possesses qualifications recognised by the Central Government or the Council asequivalent to the tests and practical training referred to in (a) above; Or c) is eligible under clause (1) or clause (iii) of sub-section (1) of Section 4 5. Qualifications for Fellowship-For purposes of sub-section (4) of Section 5 an Associate who, for a continuous period of not less than five years? has held position as Chief Cost Accountant Or an equivalent appointment, by whatever name designated, in an organisation approved for the purpose by the Council shall be deemed to have experience equivalent to the experience acquired as a result of continuous practice for a period of five years as a Cost Accountant. 6. Application for Membership (1) Every person who desires to have his name entered in the Register; and any Associate who desires to be admitted as Fellow, shall submit an application together with documentary evidence about his eligibility for membership and the fees prescribed in these Regulations to the Secretary in "appropriate Form (2) The applicant shall furnish such further information bearing on his application as the Council may at any time require from him. 7 Fees (1) Every person other than a person referred to in sub- section (2) of Section 4, applying for Associate membership of the Institute, shall pay an entrance fee as may be determined by the Council under sub-section (3) of Section 4 of the Act. (2) An Associate applying for admission as Fellow [other than a person referred to in sub-section (2) of Section 4] shall pay an entrance Regulation 3 amended vide Notification No. CWR(l) 2010 dated 4 February; 2011_ 2. Regulation 5 amended vide Notification No. CWR(l) 2010 dated 4h February; 2011_ 3. Regulation 6 amended vide Notification No. CWR(l) 2010 dated 4 February; 2011.

10 · Certificate of Practice _ (1) Amember may apply to the Council for a Certificate entitling him to practice as Cost Accountant. An application for the grant of Certificate of Practice shall be accompanied by prescribed Certificate of Practice fee and shall be in the appropriate Form. The Certificate shall be issued in the appropriate Form and shall be valid till the 3lst day of March every year until it is cancelled under the provisions of the Act and these Regulations. The Certificate of Practice issued shall automatically be renewed subject to payment of renewal fees as determined by the Council from time to time. Provided that no certificate of practice and renewal thereof shall be issued unless a member has undergone minimum number of hours of such training to be undergone every year Or such block of years o such other alternative conditions as may be determined by the Council by notification from time to time. (2) A member who ceases to be in practice shall, not later than one month from the date he ceases to practise, intimate the fact to the Council in writing: (3) A member who ceases to be in practice Or whose Certificate of Practice has been cancelled under Regulation 11 shall surrender the Certificates then held by him to the Secretary 11. (1) A Certificate of Practice issued under subsection (1) of Section 6 shall be liable for cancellation, if (a) the name of the holder of the certificate is removed from the Register under sub-sections (1) and (2) of Section 20; or (6) the Council is satisfied, after giving an opportunity of being heard to the person concerned, that such certificate was issued on the basis of incorrect, misleading or false information provided by the applicant, or by mistake or inadvertence on the part of the Council; or a member has ceased to practise; Or member has not paid annual fee for certificate of practice till 230th day of June of the relevant year: 'Provided that the Council shall give reasonable notice to the member and shall afford to the member an opportunity of being heard before cancelling his certificate. Regulation 10 sub-regulation amended vide Notification No. CWR(I) 2010 dated 4t February; 2011. Regulation Il clause of sub-regulation amended vide Notification No. CWR(l) 2012 dated 25th May; 2012. 3 . Regulation 11 added with a proviso vide Notification No. CWR(l) 2012 dated 25m May; 2012.

12 · Complaints and enquiries relating to misconduct of members -(Applicable to a complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to a High Court prior to 17-11-2006). (1) Subject to the provisions of this Regulation, all complaints against members of the Institute under ?Section 21 shall be investigated, and all enquiries relating to misconduct of members shall be held, by the Disciplinary Committee. (2) A complaint under Section 21 shall be made to the Council in Appropriate Form" (3) Every such complaint shall contain the following particulars, namely Regulation 11(2)() amended vide Notification No. CWR(l) 2012 dated 25* May; 2012. 2. For the Resolution of the Council for supply of papers under section 2, please see Appendix No at page 64. Regulation 12(2) amended vide Notification No. CWR(l) 2010 dated 4h February; 2011. 6 [177|

15 · Report of the Disciplinary Committee (Applicable to complaint or information pending before the Council or any inquiry initiated by the Disciplinary Committee or any reference or appeal made to High Court prior to 17-11-2006). (1) The Disciplinary Committee shall submit its report to the Council. (2) The Council shall consider the report of the Disciplinary Committee and if in its opinion a further enquiry is necessary; may cause such further enquiry to be made and a further report submitted by the Disciplinary Committee and after considering such further report of the Disciplinary Committee, the Council shall proceed in the manner laid down in Section 21. 15A. Procedure in hearing before the Council -(Applicable to complaint 0r information pending before the Council o any inquiry initiated by the Disciplinary Committee o any reference or appeal made to a High Court prior to 17-11-2006). 1) If the Council, on recording finding; as required under sub- section (3) of Section 21,is ofthe opinion that there is a case for passing one of the orders specified in clause (a) Or clause (b) of sub-section (4) of the said Section, it shall (a) furnish to the member against whom the complaint relating to the finding has been made, copy of the report of the Disciplinary Committee and a copy of its finding and b) give him such notice as may be decided by the Council, indicating the order proposed to be passed against him and calling upon him to appear before it on a specified date or dates, or if he does not wish to be heard in person, to send within a specified time such representation in writing as he may wish to make against the proposed order: 2 The scope of the hearing O ofthe representation in writing; as the case may be, shall be restricted to the matters concerning the enquiry. (3) The Council shall after hearing the member concerned; if he appears in person, Or after considering the representation, if any; made by him, pass such orders as it may think fit. (4) The orders passed by the Council shall be communicated to the complainant and to the member concerned: 15B. Fee and procedure for investigation of a complaint or [180]

20B · Eligibility and Contents of the Course of the Foundation Course Examination (a) Eligibility:- A candidate shall not be eligible for the Foundation Course Examination unless: he has been admitted to the Foundation Course under regulation 2OA and has been enrolled for undergoing postal or oral or e-learning tuition for at least four months prior to the commencement of such examination; (ii) [omitted] (iii) He makes an application in the form approved by the Council, at least sixty days prior to the commencement of the examination. Provided that the Council may extend the said period for not more than ten days with such late fee as it thinks fit. (iv) He furnishes fee for the examination as may be fixed by the Council from time to time. (b) Contents of the Course:- The Council shall decide the contents of the course for Foundation Course Examination from time to time 20C. Foundation Course Examination Results 1. A candidate shall be declared to have passed in the Foundation Course Examination if helshe obtains at one sitting & minimum of 40 per cent of the total marks in each Paper and an aggregate of 50 per cent of the total marks of all Papers in that examination; The Council may however; vary the minimum pass marks at its discretion for any O all the examinations. 2 Each candidate shall be individually informed of his/her result and also of the marks obtained by him/her in the Paper or Papers of the examination in which helshe appeared. No certificate of pass except marksheet will be issued to candidate passing the Foundation Course Examination. 3 _ Except as otherwise specifically provided in the foregoing sub-regulations, the provisions regarding conduct of examinations in regulation 36 to 43 shall, so far as may be, apply to the Foundation Course Examination: 21. Registration Fee~Every person applying for registration shall pay the student registration fec? as provided in sub-section (3) of section 4 of the Act shall be substituted. Regulation 2OB(a) , item omitted vide Notification No. CWR(l) 2012 dated 25th May; 2012. Regulation 21 amended vide Notification No. CWR(l) 2010 dated 4 February; 2011. Regulation 20B(l) amended vide Notifications No. CWR(2) 2013 dated 29th November 2013 and further amended vide Notification No. CWR(I) 2014 dated 12 November 2014. Regulation 2OB (iii) amended vide Notification No. CWR(2) 2013 dated 29 November 2013. [184]

22 · Refund of fees_Every candidate whose application for registration is not accepted by the Council shall be entitled to a refund of the Student subject to a deduction of 10 percent ofthe amount towards processing expenditure. 23. & 23A 24. Position of Registered Students Student registration shall not confer any membership rights nor entitle a person so registered to claim any form of membership of the Institute or of a Regional Council: He may; however; borrow books from the library subject to such conditions as the Council may from time to time specify and participatein the activities of the Regional Council in accordance with the rules of the Regional Council: 25. Time limit for Examinations and Cancellation of Registration (1) ARegistered Student will normally be required to complete the Intermediate and Final Examinations of the Institute within a period of seven years from the date of registration failing which his registration shall be liable to cancellation: (2) [omitted] 25A. Registration denovo A person whose registration has been cancelled under regulation 25 may apply in 'appropriate form along with the required fee to become a Registered Student denovo and on his application being granted, he shall be deemed for all purposes to have been admitted and he shall be entitled to the exemption from individual subjects/ stages of the Intermediate or Final Examination, as the case may be previously secured by him under his former registration, "subject to the provision of regulation 41. 26. Examination rules Registered Students shall be required to comply with the rules relating to the examinations which are in force at the time of applying for admission to or appearing in the examinations. 27. Suspension and cancellation of Registration -~In the event of any misconduct o breach of any Regulation by any Registered Student; the Council may if it is satisfied,after such investigation as it may deem necessary and after giving him an opportunity to make his objections, that the complaint is proved,suspend O cancel the registration of the student. Regulation 22 amended vide Notification No. CWR(l) 2010 dated 4 February; 2011. Omitted vide Notification No. CWR (J/88 dated 3 st January: 1989 3. Regulation 25 amended vide Notification No. CWR(I) 2012 dated 25th May, 2012 Regulation 25 amended vide Notification No. CWR(l) 2012 dated 25t May; 2012 Regulation 25(2) omitted vide Notification No. CWR(l) 2014 dated 12t November 2014 [185]

28 · Termination of Registration The registration of a student shall terminate after he has passed the qualifying examinations of the Institute. 28A. Coaching Administration and Training (L)The Council may arrange for imparting training to Registered Students and for this purpose establish and operate Coaching Administration, make rules 'in connection therewith and charge such fees as may be specified. (2) The Coaching Administration shall at all times function subject to the control, supervision and direction of the Training and Educational Facilities Committee. (3) AlL Registered Students shall be required to undergo such training as may be prescribed before they are admitted to any of the examinations referred to in Chapter V Provided, however; that persons registered as students prior to lst January 1965 shall be exempted from this requirement.

28B · Grad. CWA. (1) Aperson whohas passed the qualifying examina - tions of the Institute may; before he is admitted as an Associate Member; apply to the Council for being enrolled as a Graduate of the Institute, and on such enrolment, he shall be entitled to use the descriptive letters "Grad. CWA subject tohis payment ofannual subscription ofRs, 200/-to indicate that he has qualified in the Final Examination of the Institute. (2) Ifa Grad. CWA. has paid _ his annual subscription for a year; and is admitted as an Associate during that year; he shall, notwithstanding anything contained in sub-regulation (3) of Regulation 7, pay Rs. 100/_ only as annual membership fee for that year; irrespective ofhis date of admission as an Associate. 2(3) Non-payment of annual subscription by persons who are existing Grad CWA before 30"h September of every year will disentitle a person the use of the descriptive letters Grad CWA

30 · Admission to and fees for Intermediate Examination 1. Levels of Intermediate Examination:- (a) The Intermediate Examination shall include- the programme of Study for Accounting Technicians, Group-I and Group-II levels; or (ii) The programme of Study for Group-I and Group-II levels Provided further that a candidate may appear simultaneously for all the three levels or for any of the levels at one time. 2 Conditions for appearance in the Examination: A registered student may appear in any of the levels or all the levels (a) [omitted] (b) after completion of such training including Computer Training; as may be decided by the Council from time to time for each level or levels combined together; after completion of such practical training as may be decided by the Council from time to time for such level or levels combined together; and (d) makes an application in the Form approved by the Council, at least sixty days prior to the commencement of examination along with such fees as may be decided by the Council from time to time: Provided that the Council may extend the said period for not more than ten days with such late fees as it thinks fit. 3. Holding of Examination:- The Council shall hold examinations of each level at least twice in a year on the dates decided by the Council Provided that the examination committee may on receipt or being in possession, of any information against any candidate regarding guilty of misconduct or using unfair means during the examination or misbehaving in any manner in the examination hall decline to admit him to any examination after giving him an opportunity to explain his conduct and after holding such enquiry for the purpose as it may consider necessary: Regulations 30(2) omitted vide Notification No. CWR(I) 2012 dated 256 May; 2012. [188]

31 · Contents of the Courses:The contents of the courses for 'Foundation, Intermediate, Final Examinations, Certificate in Accounting Technicians course, Management Accountancy or any other certificate diploma course as may be proposed for implementation and for each of the levels shall be decided by the Council from time to time. 32. Exemption from the papers for appearing in Intermediate Examination (1) In the case of candidates registered as students `on Or after any revised syllabus becomes effective, the Council may decide the individual papers from which exemption may be granted to students who have passed such examination of any University or Professional Institutes or Professional Bodies Or on reciprocal basis of such University or professional institute O professional bodies in India Or abroad as may be recognised by the Council in this behalf: (2) The Council shall also decide the individual Subjects / Stages of the Intermediate examination from which a candidate who is admitted as a fresh Registered Student under Regulation 25 A shall be exempted on the basis of exemption from individual Subjects / Stages previously secured by him/her under his/her former registration: (3) The Council may decide giving exemptions to candidates for any examination conducted by it for any of the levels or papers already passed by candidate for which examinations were conducted by the 'Council, on the basis of such guidelines as may be decided by the Council. (4) A candidate who has passed Intermediate examination under the Old Syllabus shall not be required to pass the Intermediate examination under the Revised Syllabus. A candidate, who has obtained exemption Or obtained the benefit of Carry Forward of marks in Aany of the Papers of Intermediate examination under Old Syllabus; shall be entitled to exemption only in the corresponding equivalent Paper(s) of Intermediate Examination under the Revised Syllabus. But, the benefit of Carry Forward of marks by virtue of the result of any examination under Old Syllabus shall not be available in any Paper of Intermediate examination under the Revised Syllabus. sProvided that this regulation is subject to the provisions of regulation 41. Regulation 31 amended vide Notification No. CWR(l) 2012 dated 25t May; 2012. 2. Regulation 32(1) amended vide Notification No. CWR(I) 2012 dated 25" May; 2012. Regulation 32(3) amended vide Notification No. CWR(l) 2012 dated 25 May; 2012 Regulation 32(4) amended vide Notification No. CWR(l) 2012 dated 25t May; 2012. 5. Regulation 32(4) amended vide Notification No. CWR(l) 2012 dated 25* May; 2012.

33 · Enrollment and fees for Final Examination (1) The Final Examination shall have two levels namely, Group III and Group IV; Provided that a candidate may appear simultaneously for both the levels or any of the levels at one time; (2) A candidate can appear in any of the Group-III and Group-IV or both if he is a registered student and has passed the Intermediate Examination of the Institute, (a) '[omitted] b) After completion of such training including Practical and Computer Training; as may be decided by the Council from time to time for each levels or levels combined together; and Makes an application in the Form approved by the Council, at least sixty days prior to the commencement of examination along with such fees as may be decided by the Council from time to time Provided that the Council may extend the said period for not more than ten days with such late fees as it thinks fit. (3) Holding of examination The Council shall hold examinations of each level at least twice a year on the dates decided by the Council ~Provided that the examination committee may on receipt o being in possession;, of = any - information against any candidate regarding guilty of misconduct or using unfair means during the examination or misbehaving in any manner in examination hall decline to adult him to any examination after giving him an opportunity to explain his conduct and after holding such enquiry for the purpose as it may consider necessary. *34. 35. Exemption from the papers for appearing in Final Examination (1) The Council may decide the individual paper from which exemption may be granted to students who have passed such examination of any University OT professional institutes O professional bodies O on reciprocal basis of such University Or professional institutes O professional bodies in India or abroad us may be recognized by it in this behalf. (2) The Council shall also have the power to decide and shall decide Regulation 33(2)(a) omitted vide Notification No. CWR(l) 2012 dated 25" May; 2012. omitted vide Notification No. CWR(l) 2008 dated 17h November; 2008.

39 · . Candidates to be supplied with Admission Cards -An Admission Card stating the place, dates at which the candidate will be re- quired to present himself for examination shall be sent to each candidate at the address given by him in his application s0 as to reach him not less than seven days before the date commencement of the examination and the same may also be hosted on the website of the Institute not less than sevcn days before the date of commencement of the examination. 40. Examination Certificate. ~Every candidate passing any of the levels of Intermediate or Final Examination shall be furnished with a Certificate to that effect in Appropriate Form 27[ 41. Examination results (1) A candidate shall be declared to have passed in an examination if he has passed in all the Stages or Groups (under old syllabus) comprised in that examination from which he has not been exempted. A candidate shall be declared to have passed in a Stage or Group (under old syllabus) of an examination ifhe gets at one sitting the minimum per cent ofthe total marks in each paper from which he has not obtained exemption as specified in column II below and an aggregate of 50 per cent of the total marks of all such papers in that Stages or Groups (under old syllabus) Column -[ Column II Group I or Group I[ of the Intermediate Examination 35 per cent under old syllabus held under regulation 31 or Group I or Group II of the Final Examination under regulation 34. Stage I or Stage II of the Intermediate Examination under 40 per cent revised syllabus held under regulation 31 or Stage III Or Stage IV of the Final Examination under revised syllabus held under regulation 34. 2(IA) A Candidate, who appears for both the stages o groups of Intermediate Or Final examination shall be declared to have passed in the Intermediate o Final examination, as the case may be, if he gets at one sitting the minimum per cent; of the total marks in each paper from which he has not obtained exemption as specified in column II of clause (1) and an aggregate of fifty per cent, of the total marks of all such papers including the papers in which he has obtained exemption, taking both the Stages = or Groups (under old syllabus) together Regulation 40 amended vide Notification No. CWR(l) 2010 dated 4 February; 2011. Regulation 41 amended by Inserting a new clause (1A) vide Notification No. CWR(l) 2012, dated 25t May 2012.

49 · Declaration of Results.- (1) A list of successful candidates in Part I of the Management Accountancy Examination shall be published in the Journal of the Institute in such manner as the Council may direct and each candidate shall also be individually informed of the marks obtained by him in each paper of Part I : Provided that in any case where it is found that the result of an examination has been affected by error, malpractice, fraud, improper conduct or in any other way; the Examination Committee shall have the power suitably to amend such result and to make such declaration as the Committee considers necessary. (2) Information as to whether a candidate s answers in any particular paper Or papers of Part I of any examination have been examined and valued will be suppliedto the candidate on his forwarding within a month of the declaration of the result of Part I an application accompanied by a fee ofRs. 10 for any or all papers The fee is only for verifying whether a candidate sanswers inanyparticularpaper orpapers havebeen examined and valued and not for the revaluation of answers. The marks obtained by the candidates in individual questions or in sections ofa paper cannot; in any circumstances, be supplied. Ifas a result ofsuch verification, it is discovered that there has been either an omission to examine or value any answer or answers Or there has been a mistake in the totalling of the marks, the fee for verification shall be refunded in full to the candidate. 50. Thesis and Viva-Voce 1) Candidate who has passed Part I of the Management Accountancy Examination shall submit a Thesis 0n a subject to be approved by the Examination Committee. He shall submit in English five typewritten Or printed copies of the Thesis in such manner as the Examination Committee may direct. 2) The Examination Committee may make special rules in connection with submission of Thesis and a copy thereof shall be forwarded to the writer of the Thesis for his adherence. (3) Every candidate submitting a Thesis shall do so with a fee of Rs. 100 which shall not be refundable. 4) The Examination Committee shallhave the Thesis duly examined either by it or by reference to a Board appointed by it and [1971

80 · Constitution of Committees: In pursuance of the provisions, contained in sub-section (1) of Section 17, the Council shall constitute three Standing Committees, namely (a) Executive Committee (b) Finance Committee (c) Examination Committee (2) The Council may constitute other Committees including a Training and Educational Facilities Committee, Professional Development Committee, Research and Publications Committees from amongst its members as it deems necessary for the purpose of carrying out the provisions ofAct in accordance with the provisions ofsub-section (2) and sub-section (6) of Section 17 of the Act. 80A. Time and place of meeting (1) The Chairman of a Committee may at any time and shall, on a written requisition ofany two members ofthe Committee, call a meeting of the Committee. 2 The meeting of a committee shall be held at such place and at such lines as its Chairman may direct. (3) A notice of not less than seven days of every such meeting shall ordinarily be given to every member of the Committee. Any meeting of a Committee which is called to be held on particular data or dates may be postponed by the Chairman of the Committee to subsequent date or dates, if, in his opinion, such postponement is warranted, which may also include change of time and place of the meeting: (5) Notice of the postponed meeting shall be sent to the registered address of every member of the Committee not less than seven days before such postponed meeting: The business to be transacted at the postponed

97A · Budget estimates. (1) The Council shall approve the budget prior to the commencement of each financial year indicating expenditure proposed to be incurred and anticipated revenues for the forthcoming year. Such a budget apart from the other things shall separately distinguish capital items and the revenuc items. (2) The budget for the capital items shall provide proposed expenditure apart from the other items on land building; capital equipments, books and library: (3) The budget for revenue items should provide anticipated income and proposed expenditure for the forthcoming year in relation to apart from the other items, in respect of distance education, examination; services to members and salary and establishment. (4) The budget so approved may be revised during the year to incorporate the expected changes. (5) The auditors of the Council shall also compare the actual income and expenditure with the budget estimates approved by the Council and submit a report to the Council on the material departures. 97B. Approval, circulation and publication of audited accounts and Council report -(1) The Council shall, as soon as may be, at the end of the each year circulate the audited accounts to its members at least 15 days in advance and consider and approve these accounts in a special meeting convened for the purpose in pursuance of sub-section (SA) of section 1 8 of the Act. (2) The Council shall cause to be published in the Gazette of India (a) copy of the audited accounts including accounts of Regional Council and its Chapters; and b) the report of the Council for that year duly approved by the Council and shall forward a copy of the said accounts and report to the Central Government and to all members of the Institute on or before 30"h day of September of the year next following in pursuance of sub-section 5(B) of Section 18 of the Act. 98. Powers and duties of the President and Vice-President:- The President shall exercise such powers and perform such duties as arc conferred or imposed on him by the Act or these regulations, or as may be delegated to him by the Council from time to time.

106 · amended vide Notification No. CWR(I) 2010 dated 4 February; 2011.

108 · amended vide Notification No. CWR(l) 2010 dated 4t February; 2011.

114 · Constitution of Regional Council. ~(1) The Council* may by notification in the Journal ofthe Institute, constitute a Regional Council for any region, which shall be known by such name as may be specified in such notification. (2) A Regional Council shall consist of (a) the elected members of the Council* representing the region (b) the nominated members of the Council* belonging to the region; not less than Isix members who shall be elected by the members of the Institute representing the region from amongst themselves at the rate which shall bear the same proportion to Ithirty two as the number of members in the region bears to the number of members in all the regions, fractions exceeding half being counted as one and fractions equivalent to o less than half being omitted: Provided that if the number of members elected to Regional Council is less than the number of persons to be elected to that Regional Council, the remaining vacancies may be filled up by co-option by the Council from amongst the members to be nominated in this behalfby the Regional Council concerned. A member so co-opted shall hold office till the expiry of the duration of the said Regional Council. Explanation. The professional address ofa member ofthe Institute as entered in the Register of Members shall determine the region which such member represents. However; in the case of a member of the Council his professional address as furnished at the time ofhis election Or nomination to the Council* shall determine the region which such member represents. A Regional Council so constituted shall at all times function subject to the control, supervision and direction of the Council and shall carry out such directions as may be issued by the Council from time to time Regulation 114 Amended vide Notification No. CWR(l) 2010 dated 4 February; 2011. Regulation 114 Amended vide Notification No. CWR(l) 2010 dated 4 February; 2011. The word "Central Council substituted with "Council vide Notification No. CWR(l) 2012, dated 25t May; 2012. [220]

115 · Regional Register of Members. ~(1) 'The register of members maintained by Council* under Regulation 3 shall be grouped Region-wise 0n the basis of the professional address of the members which shall be construed as Regional Register of Members. (2) A copy of the Regional Register of Members as referred to in (1) above shall be furnished to Regions on quarterly basis or such shorter periods as may be decided by the Council. Such Regional Register may be furnished in electronic form 116. Functions of the Regional Councils: (1) The Regional Councils shall advise and assist the Council* in carrying out provisions ofthe Act. (2) In particular; the Regional Councils may provide facilities for intercourse among members of the Institute in the region by regular meetings, arrangement of talks and lectures and for the acquisition and dissemination of useful information in connection with the profession of accountancy (ii) advise the Council on all matters referred to them by the said Council and offer such other help as may be required. (iii) make representations to the Council* in connection with matters of professional and business interest in the region and offer suggestions for raising the standard and status of the profession; (iv) maintain a Regional Register of Members, and the Register of Students in the region; supply routine information to members Or to the prospective candidates for examinations; (vi) propagate among the members the advisability and necessity of observing the rules ofprofessional etiquette and the provisions ofthe Act and these Regulations (vii) collect news from the members ofthe profession for publication in the Journal of the Institute; (viii) recommend on their own motion, Or on a reference by the Council names for inclusion in the panel of examiners; (ix) consider and recommend to the Council* books which may be considered useful for candidates intending to appear for the Intermediate and Final examinations of the Institute; Regulation 115 Amended vide Notification No. CWR(l) 2010 dated 4t February; 2011. The word "Central Council- substituted with "Council vide Notification No. CWR(l) 2012, dated 256 May; 2012. [221|

120 · Vacancies (1) A member of a Regional Council may at any time resign his membership by writing under his hand addressed to the Chairman of the Regional Council and the seat of such member shall become vacant when such resignation is notified in the Joural of the Institute. (2) If an elected member of a Regional Council is elected to the Council: such member shall cease to be a member ofthe Regional Council and the vacancy so caused may be filled up by co-option by the Council* from amongst the members nominated in this behalf by the Regional Council concerned. A member so co-opted shall hold office till the expiry of the duration ofthe said Regional Council. (3) Any = casual vacancy in the first Regional Council constituted by the Council* under the provisions of sub-regulation (3) of Regulation 114 may be filled up by co-option by the Council* and any casual vacancy in the subsequent Regional Council may be filled up by the Regional Council concerned. A member so co-opted shall hold office till the expiry of the duration of the said Regional Council. Ifan elected or a co-opted member of a Regional Council changes his professional address from the regional constituency from which he was elected or to which he was elected or to which he belonged at the time of co-option; as the case may be to any other constituency; such member shall cease to be a member of the Regional Council and the vacancy So caused may be filled up by co-option of another member by the Regional Council concerned A member so co-opted shall hold office till the expiry of the duration of the said Regional Council The word "Central Council- substituted with "Council vide Notification No. CWR(l) 2012, dated 256 May; 2012. [223|

139 · Notice of proposals. ~Every member of the Institute o the Regional Register shall be entitled to table any proposals or resolutions for the consideration of a General Meeting of the members Provided that such proposals and resolutions are received by the Secretary of the Regional Council at least 10 days before the date of the meeting: Any such proposals received after the prescribed time will be treated as proposals for the next following meeting ofthe members unless admitted by the Chairman of the earlier meeting: 140. Chairman: The Chairman Or in his absence the Vice-Chairman of the Regional Council shall be the Chairman ofthe General Meetings of the Regional Constituency. In the absence ofboth; the members may elect any one of the members present as Chairman ofthe meeting: 141. Quorum: Ten members shall form the quorum for a meeting: No business shall be transacted at any General Meeting unless the requisite quorum be present at the commencement of the business. 142.Adjournment: If within half an hour from the time appointed for the meeting, a quorum is not present, the meeting, if convened upon a requisition from members, shall be dissolved, and in any other case shall stand adjourned to the same day in the next week at the same time and place and at every such adjourned meeting, all business which could properly have been transacted at the original meeting may be transacted, whether there is the quorum Or not. 143. Decisions to be by majority: AlL decisions at all meetings shall be taken by a majority of votes ofthe members present and voting: In case of equality of votes, the Chairman shall have a casting vote in addition to his original. 144. Who can vote:-~No person shall be entitled to vote at the meeting of the members of the Regional Constituency unless his name is on the respective Regional Register and he is not in default towards payment of his annual subscription. 145. Dissolution of the Regional Council - (1) Notwithstanding anything contained in these Regulations, the Council- (a) may; if it considers necessary so to do, dissolve a Regional Council after giving an opportunity to it to state its case; and The word "Central Council substituted with "Council- vide Notification No. CWR(l) 2012, dated 25* May; 2012.

22 · The Intermediate/Final Examination of the Chartered Institute of Secretaries, London: 23. The Intermediate/Final Examination of Company Secretaries conducted by the Government of India. 24. A pass in the second year of the four year Statistical Degree course of the Indian Statistical Institute, Kolkata. 25. A diploma in Mechanical, Civil or Electrical Engineering of the University of Baroda (Three year Course). 26. A diploma in Engineering (Civil, Electrical and Mechanical) awarded by the State Council for Engineering and Technical Education, West Bengal. 27. First year Examination of the Five-year Integrated Course in Engineering conducted by the Indian Institute of Technology 28. First year Examination of the Five-year Integrated Course in Engineering of any University constituted by law in India. 29. Diploma Examination in Civil or Electrical or Mechanical Engineering conducted by the Board of Technical Education of any State Government o Union Territory of Delhi. 30. A pass in the Antrim Examination of Kashi Vidyapith;, Varanasi. 31. Diploma in Engineering Civil, Mechanical and Electrical ) awarded by the Roorkee University. 32. Pre-University Examination conducted by any recognised Board or University in India 33 . Higher Secondary Examination (II years) conducted by any recognised Board or University in India. 34. Diploma in Commercial Practice awarded by the Government of Kerala. 35. All-India Senior School Certificate Examination (12 years), conducted by the Central Board of Secondary Education, New Delhi. 36 . Delhi Senior School Certificate Examination (12 years), conducted by the Central Board of Secondary Education;, New Delhi. [2351

37 · . Indian School Certificate Examination (12 years) , conducted by the Council for the Indian School Certificate Examination, New Delhi. 38. Diploma in Secretarial Practice awarded by the Sydenham College of Commerce and Economics, Bombay: T S. MENON. Under Secretary to the Government of India.

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25 · Finance and Accounts (1) There shall be established a fund under the management and control of the Managing Committee into which shall be paid all monies received by the Managing Committee by way of membership fees, grants, donations, subscriptions and other incomes ofthe Chapter and out of which shall be met all expenses and liabilities properly incurred by the Managing Committee; Provided that funds of the Chapter shall be applied only as per the approved budget by the Finance Committee of the Council and any fund required to be spent outside the budget shall be spent with the approval of the Chairman and any expenditure in excess of 10% of the approved Budget shall be placed again before the Finance Committee of the Institute with approval ofthe Managing Committee of the Chapter: Provided that no funds of the Chapter shall be applied, either directly or indirectly for payment to the members ofthe Managing Committee ofthe Chapter except for reimbursing them for any expenses incurred by them in connection with the business of the Chapter: (2) The Managing Committee shall be responsible for the funds of the Chapter: The surplus funds of the Chapter shall be invested in the securities prescribed by the Council only. Any - withdrawal from the fixed deposit 0r long term investment by the Chapter lying to the credit of the Chapter shall be placed before the Finance Committee of the Institute by the Managing Committee of the Chapters with due justification for its approval. (3) The banking account shall be maintained in the name of the Chapter and operated by any two members of the Managing Committec one of who shall be the Treasurer who may be authorized by the Committee in this behalf: 26. Accounts and Audit 1) The Managing Committee shall cause to be prepared an Income and Expenditure account and a Balance Sheet as at 3 1st March every year in accordance with the Accounting Policy and form prescribed by the Council. (2) The accounts of the Chapter shall be audited every year by

30 · Dissolution of Chapter If, in the opinion of the Council, any Chapter and its Managing Committee has persistently made default in giving effect to the directions of the Council, the Council may, after giving opportunity to the Managing Committee to state its case, by order; dissolve the Chapter or take action against the members of the Managing Committee as per Clause (2) of Part III of the First Schedule of the Act.

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1 · _ Signature of Proposer

2 · Signature of Seconder

1 · have already sent nomination fec of Rs. 500/- (Rupees Five Hundred only) by demand draft No _ dated drawn on Bank) in favour of The Secretary; The Institute of Cost Accountants of India, Chapter; payable at

1 · agree to abide by the provisions of the Chapter Bye-laws 2013 as amended & the Cost and Works Accountants Act; 1959 and the Cost and Works Accountants Regulations, 1959 and amendments thereof and other applicable Acts, Rules and Regulations as well as the decisions taken by the Council Election Officer in regard to the Managing Committee Elections from time to time

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