(1) The Council at its first meeting shall elect two of its members to be respectively the President and the Vice-President thereof, and so often as the office of the President or the Vice-President becomes vacant the Council shall choose another person to be the President or the Vice-President as the case may be:

Provided that on the first constitution of the Council a member of the Council nominated in this behalf by the Central Government shall discharge the functions of the President, until such time as a President is elected under the provisions of the sub-section.

(2) The President shall be the Chief Executive Authority of the Council.

(3) The President or the Vice-President shall hold office for a period of one year from the date on which he is chosen but so as not to extend beyond his term of office as a member of the Council, and, subject to his being a member of the Council at the relevant time, he shall be eligible for re-election ¹[under sub-section (1)]

(4) ²[On the expiration of the duration of the Council, the ³[President and the Vice-President] of the Council, at the time of such expiration] shall continue to hold office and discharge such administrative and other duties as may be prescribed until such time as a new ⁴[President and the Vice-President] shall have been elected and shall have taken over ⁵[charge of their duties.]

Amendment

^1&18 Inserted by the Chartered Accountants (Amendment) Act, 2006 and came into force w.e.f. 8^th August, 2006.

² Substituted for the words, “On the dissolution of the Council, the President of the Council at the time of such dissolution ”by the Chartered Accountants (Amendment) Act, 1959.

^3&4 Substituted for the word, “President”, in both the places by the Chartered Accountants (Amendment) Act, 2006 and came into force w.e.f. 8^th August, 2006.

⁵ Substituted for the words, “charge of his duties” by the Chartered Accountants (Amendment) Act, 2006 and came into force w.e.f. 8th August, 2006.