The Cost Accountants Act, 1959
Administered Ministry: Ministry of Corporate Affairs
Section
Section 28 Offences by companies. 1 docs
(1) If the person committing an offence under this Act is a company, the company as well as every person in charge of, and responsible to, the company for the conduct of its business at the time of the commission of the offence shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly:
Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or that the commission of the offence is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section,--
(a) "company" with respect to any offence under section 24, section 25 or section 27, means any body corporate and includes a firm or other association of individuals; and with respect to an offence under section 26 means a body corporate; and
(b) "director", in relation to a firm, means a partner in the firm.
Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or that the commission of the offence is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
Explanation.--For the purposes of this section,--
(a) "company" with respect to any offence under section 24, section 25 or section 27, means any body corporate and includes a firm or other association of individuals; and with respect to an offence under section 26 means a body corporate; and
(b) "director", in relation to a firm, means a partner in the firm.
Section 29 Sanction to prosecute. 1 docs
No person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government.
Section 29A Establishment of Quality Review Board. 7 docs
1[29A. Establishment of Quality Review Board.--(1) The Central Government shall, by notification, constitute a Quality Review Board consisting of a Chairperson and four other members.
(2) The Chairperson and members of the Board shall be appointed from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy.
(3) Two members of the Board shall be nominated by the Council and other two members shall be nominated by the Central Government.]
(2) The Chairperson and members of the Board shall be appointed from amongst the persons of eminence having experience in the field of law, economics, business, finance or accountancy.
(3) Two members of the Board shall be nominated by the Council and other two members shall be nominated by the Central Government.]
1. Ins. by s. 25, ibid. (w.e.f. 17-11-2006).
Section 29B Functions of Board. 1 docs
1[29B. Functions of Board.--The Board shall perform the following functions, namely:--
(a) to make recommendations to the Council with regard to the quality of services provided by the members of the Institute;
(b) to review the quality of services provided by the members of the Institute including cost audit services; and
(c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.]
2[(d) to forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms noticed by it during the course of its review, to the Disciplinary Directorate for its examination.]
(a) to make recommendations to the Council with regard to the quality of services provided by the members of the Institute;
(b) to review the quality of services provided by the members of the Institute including cost audit services; and
(c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.]
2[(d) to forward cases of non-compliance with various statutory and regulatory requirements by the members of the Institute or firms noticed by it during the course of its review, to the Disciplinary Directorate for its examination.]
1. Ins. by s. 25, ibid. (w.e.f. 17-11-2006).
2. Ins. by Act 12 of 2022, s. 67 (w.e.f. 10-5-2022).
2. Ins. by Act 12 of 2022, s. 67 (w.e.f. 10-5-2022).
Section 29C Procedure of Board. 1 docs
1[29C. Procedure of Board.--The Board shall meet at such time and place and follow in its meetings such procedure as may be specified.]
1. Ins. by s. 25, ibid. (w.e.f. 17-11-2006).
Section 29D Terms and conditions of service of Chairperson and members of Board and its expenditure. 1 docs
1[29D. Terms and conditions of service of Chairperson and members of Board and its expenditure.--(1) The terms and conditions of service of the Chairperson and the members of the Board, and their allowances shall be such as may be specified.
(2) The expenditure of the Board shall be borne by the Council.]
(2) The expenditure of the Board shall be borne by the Council.]
1. Ins. by s. 25, ibid. (w.e.f. 17-11-2006).
Section 30 Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act, 1956.
On the commencement of this Act,--
(a) the company known as the Institute of Cost and Works Accountants registered under the Companies Act, 1956 (1 of 1956), shall be dissolved and thereafter no person shall make, assert or take any claims, demands or proceedings against the dissolved company or against any officer thereof in his capacity as such officer except in so far as may be necessary, for enforcing the provisions of this Act;
(b) the right of every member to or in respect of the dissolved company shall be extinguished, and thereafter no member of that company shall make, assert or take any claims or demands or proceedings in respect of that company except as provided in this Act.
(a) the company known as the Institute of Cost and Works Accountants registered under the Companies Act, 1956 (1 of 1956), shall be dissolved and thereafter no person shall make, assert or take any claims, demands or proceedings against the dissolved company or against any officer thereof in his capacity as such officer except in so far as may be necessary, for enforcing the provisions of this Act;
(b) the right of every member to or in respect of the dissolved company shall be extinguished, and thereafter no member of that company shall make, assert or take any claims or demands or proceedings in respect of that company except as provided in this Act.
Section 31 Transfer of assets and liabilities of the dissolved company to the Institute.
(1) On the commencement of this Act, there shall be transferred to and vested in the Institute all the assets and liabilities of the dissolved company.
(2) The assets of the dissolved company shall be deemed to include all rights and powers, and all property, whether movable or immovable of the company, including, in particular, cash balances, reserve funds, investments, deposits and all other interests and rights in or arising out of such property as may be in the possession of the dissolved company and all books of accounts or documents of the dissolved company; and the liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind then existing of that company.
(3) All contracts, debts, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party, subsisting or having effect immediately before the commencement of this Act, shall be of as full force and effect against or in favour of the Institute, as the case may be, and may be enforced as fully and effectively as if instead of the dissolved company, the Institute had been a party thereto.
(4) If, on the commencement of this Act, any suit, appeal or other legal proceeding of whatever nature by or against the dissolved company is pending, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Institute of the assets and liabilities of the dissolved company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Institute, in the same manner and to the same extent as it would or may be continued, prosecuted and enforced by or against the dissolved company if this Act had not been passed.
(2) The assets of the dissolved company shall be deemed to include all rights and powers, and all property, whether movable or immovable of the company, including, in particular, cash balances, reserve funds, investments, deposits and all other interests and rights in or arising out of such property as may be in the possession of the dissolved company and all books of accounts or documents of the dissolved company; and the liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind then existing of that company.
(3) All contracts, debts, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party, subsisting or having effect immediately before the commencement of this Act, shall be of as full force and effect against or in favour of the Institute, as the case may be, and may be enforced as fully and effectively as if instead of the dissolved company, the Institute had been a party thereto.
(4) If, on the commencement of this Act, any suit, appeal or other legal proceeding of whatever nature by or against the dissolved company is pending, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Institute of the assets and liabilities of the dissolved company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Institute, in the same manner and to the same extent as it would or may be continued, prosecuted and enforced by or against the dissolved company if this Act had not been passed.
Section 32 Provisions respecting employees of the dissolved company.
(1) Every person employed in the dissolved company prior to the 1st day of September, 1958 , and still in its employment immediately before the commencement of this Act shall, as from such commencement, become an employee of the Institute, shall hold his office or service therein by the same tenure and upon the same terms and conditions and with the same rights and privileges as to pension and gratuity as he would have held the same under the dissolved company if this Act had not been passed, and shall continue to do so unless and until his employment in the Institute is terminated or until his remuneration, terms and conditions of employment are duly altered by the Institute.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or in any other law for the time being in force the transfer of the services of any employee of the dissolved company to the Institute shall not entitle any such employee to any compensation under that Act or other law, and no such claim shall be entertained by any court, tribunal or other authority.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or in any other law for the time being in force the transfer of the services of any employee of the dissolved company to the Institute shall not entitle any such employee to any compensation under that Act or other law, and no such claim shall be entertained by any court, tribunal or other authority.
Section 33 Omitted.
[Appeals.] Omitted by Cost and Works (Amendment) Act, 2006 (7 of 2006), s. 26 (w.e.f. 17-11-2006).
Section 34 Alteration in the Register and cancellation of certificate.
(1) Where an order is made under this Act reprimanding a member a record of the punishment shall be entered against his name in the Register.
(2) Where the name of any member is removed, the certificate of practice granted to him under this Act shall be recalled and cancelled.
(2) Where the name of any member is removed, the certificate of practice granted to him under this Act shall be recalled and cancelled.
Section 35 Directions of the Central Government.
(1) The Central Government may from time to time issue such directions to the Council as in the opinion of the Central Government are conducive to the fulfilment of the objects of this Act and in the discharge of its functions, the Council shall be bound to carry out any such directions.
(2) Directions issued under sub-section (1) may include directions to the Council to make any regulations or to amend or revoke any regulations already made.
(3) If, in the opinion of the Central Government the Council has persistently made default in giving effect to the directions issued under this section, the Central Government may, after giving an opportunity to the Council to state its case, by order, dissolve the Council, where after a new Council shall be constituted in accordance with the provisions of this Act with effect from such date as may be specified by the Central Government.
(4) Where the Central Government passes an order under sub-section (3) dissolving the Council, it may, pending the constitution of a new Council in accordance with the provisions of this Act, authorise any person or body of persons to take over the management of the affairs of the Institute and to exercise such functions as may be specified in this behalf by the Central Government.
(2) Directions issued under sub-section (1) may include directions to the Council to make any regulations or to amend or revoke any regulations already made.
(3) If, in the opinion of the Central Government the Council has persistently made default in giving effect to the directions issued under this section, the Central Government may, after giving an opportunity to the Council to state its case, by order, dissolve the Council, where after a new Council shall be constituted in accordance with the provisions of this Act with effect from such date as may be specified by the Central Government.
(4) Where the Central Government passes an order under sub-section (3) dissolving the Council, it may, pending the constitution of a new Council in accordance with the provisions of this Act, authorise any person or body of persons to take over the management of the affairs of the Institute and to exercise such functions as may be specified in this behalf by the Central Government.
Section 36 Protection of action taken in good faith.
1[36. Protection of action taken in good faith.--No suit, prosecution or other legal proceeding shall lie against the Central Government or the Council or the Authority or the Disciplinary Committee or the Tribunal or the Board or the Board of Discipline or the Disciplinary Directorate or any officer of that Government, Council, Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate, for anything which is in good faith done or intended to be done under this Act or any rule, regulation, notification, direction or order made thereunder.]
1. Subs. by Act 7 of 2006, s. 27, for section 36 (w.e.f. 17-11-2006).
Section 36A Members, etc., to be public servants.
1[36A. Members, etc., to be public servants.--The Chairperson, Presiding Officer, members and other officers and employees of the Authority, Disciplinary Committee, Tribunal, Board, Board of Discipline or the Disciplinary Directorate shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code (45 of 1860).]
1. Ins. by s. 28, ibid. (w.e.f. 17-11-2006).
Section 37 Maintenance of branch offices. 1 docs
(1) Where a cost accountant in practice or a firm of such cost accountants has more than one office in India, each one of such offices shall be in the separate charge of a member of the Institute:
Provided that the Council may in suitable cases exempt any cost accountant in practice or firm of such cost accountants from the operation of this sub-section.
(2) Every cost accountant in practice or firm of such cost accountants maintaining more than one office shall send to the Council a list of offices and the persons in charge thereof and shall keep the Council informed of any changes in relation thereto.
Provided that the Council may in suitable cases exempt any cost accountant in practice or firm of such cost accountants from the operation of this sub-section.
(2) Every cost accountant in practice or firm of such cost accountants maintaining more than one office shall send to the Council a list of offices and the persons in charge thereof and shall keep the Council informed of any changes in relation thereto.
Section 38 Reciprocity. 4 docs
(1) Where any country, specified by the Central Government in this behalf by notification in the Official Gazette, prevents persons of Indian domicile from becoming members of any institution similar to the Institute established under this Act or from practicing the profession of costs accountancy or subject them to unfair discrimination in that country, no subject of any such country shall be entitled to become a member of the Institute or practice the profession of cost accountancy, in India.
(2) Subject to the provisions of sub-section (1), the Council may prescribe the conditions, if any, subject to which foreign qualifications relating to cost accountancy shall be recognised for the purposes of entry in the 1Register of members].
(2) Subject to the provisions of sub-section (1), the Council may prescribe the conditions, if any, subject to which foreign qualifications relating to cost accountancy shall be recognised for the purposes of entry in the 1Register of members].
1. Subs. by Act 12 of 2022, s. 69, for “Register” (w.e.f. 10-5-2022).
Section 38A Power of Central Government to make rules 2 docs
1[38A. Power of Central Government to make rules.--(1) The Central Government may, by notification, make rules to carry out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may provide for all or any of the following matters, namely:--
(a) the manner of election and nomination in respect of members to the Council under sub-section (2) of section 9;
(b) the terms and conditions of service of the Presiding Officer and Members of the Tribunal, place of meetings and allowances to be paid to them under sub-section (5) of section 10B;
2[(c) the form and fee for filing an information or a complaint under sub-section (1), the manner of deciding a complaint or information as actionable or non-actionable under sub-section (2) and the procedure of investigation under sub-section (7), of section 21;
(d) the procedure while considering the cases by the Board of Discipline under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21A;
(da) the procedure while considering the cases by the Disciplinary Committee under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21B;]
(e) the procedure to be followed by the Board in its meetings under section 29C; and
(f) the terms and conditions of service of the Chairperson and members of the Board under sub-section (1) of section 29D.]
(2) In particular, and without prejudice to the generality of the foregoing powers, such rules may provide for all or any of the following matters, namely:--
(a) the manner of election and nomination in respect of members to the Council under sub-section (2) of section 9;
(b) the terms and conditions of service of the Presiding Officer and Members of the Tribunal, place of meetings and allowances to be paid to them under sub-section (5) of section 10B;
2[(c) the form and fee for filing an information or a complaint under sub-section (1), the manner of deciding a complaint or information as actionable or non-actionable under sub-section (2) and the procedure of investigation under sub-section (7), of section 21;
(d) the procedure while considering the cases by the Board of Discipline under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21A;
(da) the procedure while considering the cases by the Disciplinary Committee under sub-section (2) and time limit for payment of fine under sub-section (7), of section 21B;]
(e) the procedure to be followed by the Board in its meetings under section 29C; and
(f) the terms and conditions of service of the Chairperson and members of the Board under sub-section (1) of section 29D.]
1. Ins. by Act 7 of 2006, s. 29 (w.e.f. 17-11-2006).
2. Subs. by Act 12 of 2022, s. 70, for clauses (c) and (d) (w.e.f. 10-5-2022).
2. Subs. by Act 12 of 2022, s. 70, for clauses (c) and (d) (w.e.f. 10-5-2022).
Section 39 Power to make regulations.
(1) The Council may, by notification in the Gazette of India, make regulations for the purpose of carrying out the objects of this Act, 1***.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the standard and conduct of examinations under this Act;
(b) the qualifications for the entry of the name of any person in the 2[Register of members] as a member of the Institute;
(c) the qualification required for the purposes of sub-section (4) of section 5;
(d) the conditions under which any examination or training may be treated as equivalent to the examination or training prescribed for members of the Institute;
(e) the conditions under which any foreign qualification may be recognised;
(f) the manner in which and the conditions subject to which applications for entry in the 2[Register of members] may be made;
(g) the fees payable for membership of the Institute and the annual fees payable by associates and fellows of the Institute in respect of their certificates;
3****;
(i) the particulars to be entered in the Register;
4****;
(k) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute;
(l) the carrying out of research in accountancy;
(m) the maintenance of libraries and publication of books and periodicals relating to cost accountancy and allied subjects;
(n) the management of the property of the Council and the maintenance and audit of its accounts;
(o) the summoning and holding of meetings of the Council and committees thereof, the times and places of such meetings, the procedure to be followed thereat and the number of members necessary to form a quorum;
(p) the manner in which the annual list of 5[members of] the Institute shall be published;
(q) the powers, duties and functions of the President and the Vice-President of the Council;
(r) the functions of the Standing and other committees and the conditions subject to which such functions shall be discharged;
6(s) the circumstances under which certificates of practice may be cancelled under sub-section (3) of section 6;
(sa) the guidelines for granting or refusal of certificates of practice under clause (e) of sub-section (2) of section 15;
(sb) the manner of appointment, powers, duties, functions, salaries, fees, allowances and other terms and conditions of service of the Secretary and other officers and employees of the Council under clause (c) of sub-section (2) of section 16;
(sc) the manner of preparing annual financial statement under sub-section (4) and the annual accounts under sub-section (5), of section 18;
(sd) the manner of maintaining a Register of the members of the Institute under sub-section (1) of section 19;
(se) the manner of making an application for grant of registration of a firm and the terms and conditions of such registration under section 20A;
(sf) the manner of maintenance of Register of firms and other particulars including details of pendency of any actionable information or complaint or imposition of any penalty against the firm under sub-section (1) and sub-section (2) and the manner in which the annual list of firms registered with the Institute shall be published under sub-section (3), of section 20B;
(sg) the manner of making available status of actionable information and complaints and orders passed under sub-section (9) of section 21;
(sh) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of Board of Discipline under sub-section (8), of section 21A;
(si) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Disciplinary Committees under sub-section (8), of section 21B;
(sj) the salaries and allowances and conditions of service of officers and other staff of the Authority under sub-section (2) of section 22D;
(sk) the manner in which Regional Council may be constituted under sub-section (2) of section 23 and the functions thereof;
7* * * * * (u) the terms and conditions of service of persons who have become employees of the Institute under section 32 of this Act;
(v) the registration and training of students and the fees to be charged therefor; and
(w) any other matter which is required to be, or may be, prescribed under this Act.
(3) All regulations made by the Council under this Act shall be subject to the condition of previous publication and to the approval of the Central Government.
(4) Notwithstanding anything contained in sub-sections (1) and (2), the Central Government may frame the first regulations for the purposes mentioned in this section, and such regulations shall be deemed to have been made by the Council, and shall remain in force until they are amended, altered or revoked by the Council.
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(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the standard and conduct of examinations under this Act;
(b) the qualifications for the entry of the name of any person in the 2[Register of members] as a member of the Institute;
(c) the qualification required for the purposes of sub-section (4) of section 5;
(d) the conditions under which any examination or training may be treated as equivalent to the examination or training prescribed for members of the Institute;
(e) the conditions under which any foreign qualification may be recognised;
(f) the manner in which and the conditions subject to which applications for entry in the 2[Register of members] may be made;
(g) the fees payable for membership of the Institute and the annual fees payable by associates and fellows of the Institute in respect of their certificates;
3****;
(i) the particulars to be entered in the Register;
4****;
(k) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute;
(l) the carrying out of research in accountancy;
(m) the maintenance of libraries and publication of books and periodicals relating to cost accountancy and allied subjects;
(n) the management of the property of the Council and the maintenance and audit of its accounts;
(o) the summoning and holding of meetings of the Council and committees thereof, the times and places of such meetings, the procedure to be followed thereat and the number of members necessary to form a quorum;
(p) the manner in which the annual list of 5[members of] the Institute shall be published;
(q) the powers, duties and functions of the President and the Vice-President of the Council;
(r) the functions of the Standing and other committees and the conditions subject to which such functions shall be discharged;
6(s) the circumstances under which certificates of practice may be cancelled under sub-section (3) of section 6;
(sa) the guidelines for granting or refusal of certificates of practice under clause (e) of sub-section (2) of section 15;
(sb) the manner of appointment, powers, duties, functions, salaries, fees, allowances and other terms and conditions of service of the Secretary and other officers and employees of the Council under clause (c) of sub-section (2) of section 16;
(sc) the manner of preparing annual financial statement under sub-section (4) and the annual accounts under sub-section (5), of section 18;
(sd) the manner of maintaining a Register of the members of the Institute under sub-section (1) of section 19;
(se) the manner of making an application for grant of registration of a firm and the terms and conditions of such registration under section 20A;
(sf) the manner of maintenance of Register of firms and other particulars including details of pendency of any actionable information or complaint or imposition of any penalty against the firm under sub-section (1) and sub-section (2) and the manner in which the annual list of firms registered with the Institute shall be published under sub-section (3), of section 20B;
(sg) the manner of making available status of actionable information and complaints and orders passed under sub-section (9) of section 21;
(sh) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of Board of Discipline under sub-section (8), of section 21A;
(si) the manner of preparing panel of persons under clauses (a), (b) and (c) of sub-section (1) and the allowances payable to the Presiding Officers and members of the Disciplinary Committees under sub-section (8), of section 21B;
(sj) the salaries and allowances and conditions of service of officers and other staff of the Authority under sub-section (2) of section 22D;
(sk) the manner in which Regional Council may be constituted under sub-section (2) of section 23 and the functions thereof;
7* * * * * (u) the terms and conditions of service of persons who have become employees of the Institute under section 32 of this Act;
(v) the registration and training of students and the fees to be charged therefor; and
(w) any other matter which is required to be, or may be, prescribed under this Act.
(3) All regulations made by the Council under this Act shall be subject to the condition of previous publication and to the approval of the Central Government.
(4) Notwithstanding anything contained in sub-sections (1) and (2), the Central Government may frame the first regulations for the purposes mentioned in this section, and such regulations shall be deemed to have been made by the Council, and shall remain in force until they are amended, altered or revoked by the Council.
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1. The words and a copy of such regulations shall be sent to each member of the the Institute” omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
2.Subs. by Act 12 of 2022, s. 71, for “Register” (w.e.f. 10-5-2022).
3.Clause (h) omitted by s. 71, ibid. (w.e.f. 10-5-2022).
4.Clause (j) omitted by s. 71, ibid. (w.e.f. 10-5-2022).
5.Subs. by s. 71, ibid., for “members of” (w.e.f. 10-5-2022).
6.Subs. by s. 71, ibid., for clause (s) (w.e.f. 10-5-2022).
7.Clause (t) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
8.Sub-section (5) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
2.Subs. by Act 12 of 2022, s. 71, for “Register” (w.e.f. 10-5-2022).
3.Clause (h) omitted by s. 71, ibid. (w.e.f. 10-5-2022).
4.Clause (j) omitted by s. 71, ibid. (w.e.f. 10-5-2022).
5.Subs. by s. 71, ibid., for “members of” (w.e.f. 10-5-2022).
6.Subs. by s. 71, ibid., for clause (s) (w.e.f. 10-5-2022).
7.Clause (t) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
8.Sub-section (5) omitted by Act 7 of 2006, s. 30 (w.e.f. 17-11-2006).
Section 40 Rules, regulations and notifications to laid before Parliament.
1[40. Rules, regulations and notifications to laid before Parliament.--Every rule and every regulation made and every notification issued under this Act shall be laid, as soon as may be after it is made or issued, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule, regulation or notification, or both Houses agree that the rule, regulation or notification should not be made or issued, the rule, regulation or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule, regulation or notification.]
1. Ins. by s. 31, ibid. (w.e.f. 17-11-2006).