Section 17 – The Chartered Accountants Act, 1949

(1) The Council shall constitute from amongst its members the following Standing Committees, namely :-

(i) an Executive Committee,

(ii) an Examination Committee, and

¹[(iii) a Finance Committee.]

²[(2) The Council may also form such other committees from amongst its members as it consider necessary for the purpose of carrying out the provisions of this Act, and any Committee so formed may, with the sanction of the Council, co-opt such other members of the Institute not exceeding one-third of the members of the committee as it thinks fit, and any member so co-opted shall be entitled to exercise all the rights of a member of the committee.

(3) Each of the Standing Committees shall consist of the President and the Vice-President ex officio, and minimum of three and maximum of five members to be elected by the Council from amongst its members.]

(4) The President and the Vice-President of the Council shall be the Chairman and ViceChairman respectively of each of the Standing Committees.

(5) Every member of the Standing Committee other than the Chairman and the ViceChairman shall hold office for one year from the date of his election, but, subject to being a member of the Council, he shall be eligible for re-election.

(6) The Standing Committees shall exercise such functions and be subject to such conditions in the exercise thereof as may be prescribed.

Amendment

¹ Substituted for the words, “a Disciplinary Committee” by the Chartered Accountants (Amendment) Act, 2006 and came into force w.e.f. 17th November, 2006.

² Substituted, for the following, by the Chartered Accountants (Amendment) Act, 2006 and came into force w.e.f. 17th November, 2006 :-

^A[“(2) The Council may also form such other committees from amongst its members as it deems necessary for the purpose of carrying out the provisions of this Act, and any committee so formed may, with the sanction of the Council, co-opt such other members of the Institute not exceeding two-thirds of the members of the committee as the committee thinks fit, and any member so co-opted shall be entitled to exercise all the rights of a member of the committee.]

(3) Each of the Standing Committees shall consist of the President and the Vice-President ex-officio, and three other members of the Council elected by the Council:

Provided that in the case of the Disciplinary Committee, out of the members to be elected, two shall be elected by the Council, and the third nominated by the Central Government from amongst the persons nominated to the Council by the Central Government.”

^AThis sub-section (2) was earlier substituted, for the following, by the Chartered Accountants (Amendment) Act, 1959 :-

“(2) The Council may also form such other committees from amongst its members as it deems necessary for the purpose of carrying out the provisions of this Act.”