The COST AND WORKS ACCOUNTANTS ACT, 1959

PRELIMINARY

Section 1 — Short title, extent and commencement.

(1) This Act may be called the Cost and Works Accountants Act, 1959.

(2) It extends to the whole of India [Omitted] ;

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Browse all 61 sections
  1. 1.Short title, extent and commencement.
  2. 2.Definitions and interpretation.
  3. 3.Incorporation of the Institute.
  4. 4.Entry of names in the Register.
  5. 5.Fellows and Associates.
  6. 6.Certificate of practice.
  7. 7.Members to be known as cost accountants.
  8. 8.Disabilities.
  9. 9.Constitution of the Council of the Institute.
  10. 10.Re-election or re-nomination to Council.
  11. 10A.Settlement of disputes regarding election.
  12. 10B.Establishment of Tribunal.
  13. 11.Nomination in default of election.
  14. 12.President and Vice-president.
  15. 13.Resignation of membership and casual vacancies.
  16. 14.Duration and dissolution of Council.
  17. 15.Functions of the Council.
  18. 15A.Functions of Institute.
  19. 15B.Imparting education by Universities and other bodies.
  20. 16.Officers and employees, salary, allowances, etc.
  21. 17.Committees of the Council.
  22. 18.Finances of the Council.
  23. 19.Register.
  24. 20.Removal from the Register.
  25. 21.Disciplinary Directorate.
  26. 21A.Board of Discipline.
  27. 21B.Disciplinary Committee.
  28. 21C.Authority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.
  29. 21D.Transitional provisions.
  30. 22.Professional or other misconduct defined.
  31. 22A.Constitution of Appellate Authority.
  32. 22B.Term of office of members of Authority.
  33. 22C.Procedure, etc., of Authority.
  34. 22D.Officers and other staff of Authority.
  35. 22E.Appeal to Authority.
  36. 23.Constitution and functions of Regional Councils.
  37. 24.Penalty for falsely claiming to be a member, etc.
  38. 25.Penalty for using name of the Council, awarding degrees of cost accountancy, etc.
  39. 26.Companies not to engage in cost accountancy.
  40. 27.Unqualified persons not to sign documents.
  41. 28.Offences by companies.
  42. 29.Sanction to prosecute.
  43. 29A.Establishment of Quality Review Board.
  44. 29B.Functions of Board.
  45. 29C.Procedure of Board.
  46. 29D.Terms and conditions of service of Chairperson and members of Board and its expenditure.
  47. 30.Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act,.
  48. 31.Transfer of assets and liabilities of the dissolved company to the Institute.
  49. 32.Provisions respecting employees of the dissolved company.
  50. 33.[Omitted.]
  51. 34.Alteration in the Register and cancellation of certificate.
  52. 35.Directions of the Central Government.
  53. 36.Protection of action taken in good faith.
  54. 36A.Members, etc., to be public servants.
  55. 37.Maintenance of branch offices.
  56. 38.Reciprocity.
  57. 38A.Power of Central Government to make rules.
  58. 39.Power to make regulations.
  59. 40.Rules, regulations and notifications to laid before Parliament.
  60. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  61. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE