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The Cost Accountants Act, 1959

Central

An Act to make provision for the regulation of the profession of cost and works accountants.

Act number
23 of 1959
Ministry
Ministry of Corporate Affairs
Enacted
19 May 1959

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

59 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions and interpretation.
  3. Section 3Incorporation of the Institute.
  4. Section 4Entry of names in the Register of members.
  5. Section 5Fellows and Associates.
  6. Section 6Certificate of practice.
  7. Section 7Members to be known as cost accountants.
  8. Section 8Disabilities.
  9. Section 9Constitution of the Council of the Institute.
  10. Section 10Re-election or re-nomination to Council.
  11. Section 10ASettlement of disputes regarding election.
  12. Section 10BEstablishment of Tribunal.
  13. Section 11Nomination in default of election.
  14. Section 12President and Vice-president.
  15. Section 13Resignation of membership and casual vacancies.
  16. Section 14Duration and dissolution of Council.
  17. Section 15Functions of the Council.
  18. Section 15AFunctions of Institute.
  19. Section 15BImparting education by Universities and other bodies.
  20. Section 16Officers and employees, salary, allowances, etc.
  21. Section 17Committees of the Council.
  22. Section 18Finances of the Council.
  23. Section 19Register of members.
  24. Section 20Removal from the Register of members.
  25. Section 21Disciplinary Directorate.
  26. Section 21ABoard of Discipline.
  27. Section 21BDisciplinary Committee.
  28. Section 21CAuthority, Disciplinary Committee, Board of Discipline and Director (Discipline) to have powers of civil court.
  29. Section 21DTransitional provisions.
  30. Section 22Professional or other misconduct defined.
  31. Section 22AConstitution of Appellate Authority.
  32. Section 22BTerm of office of members of Authority.
  33. Section 22CProcedure, etc., of Authority.
  34. Section 22DOfficers and other staff of Authority.
  35. Section 22EAppeal to Authority.
  36. Section 23Constitution and functions of Regional Councils.
  37. Section 24Penalty for falsely claiming to be a member, etc.
  38. Section 25Penalty for using name of the Council, awarding degrees of cost accountancy, etc.
  39. Section 26Companies not to engage in cost accountancy.
  40. Section 27Unqualified persons not to sign documents.
  41. Section 28Offences by companies.
  42. Section 29Sanction to prosecute.
  43. Section 29AEstablishment of Quality Review Board.
  44. Section 29BFunctions of Board.
  45. Section 29CProcedure of Board.
  46. Section 29DTerms and conditions of service of Chairperson and members of Board and its expenditure.
  47. Section 30Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act, 1956.
  48. Section 31Transfer of assets and liabilities of the dissolved company to the Institute.
  49. Section 32Provisions respecting employees of the dissolved company.
  50. Section 33Omitted.
  51. Section 34Alteration in the Register and cancellation of certificate.
  52. Section 35Directions of the Central Government.
  53. Section 36Protection of action taken in good faith.
  54. Section 36AMembers, etc., to be public servants.
  55. Section 37Maintenance of branch offices.
  56. Section 38Reciprocity.
  57. Section 38APower of Central Government to make rules
  58. Section 39Power to make regulations.
  59. Section 40Rules, regulations and notifications to laid before Parliament.