The Institute of Chartered Accountants in Ireland (Charter Amendment) Act, 1966

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Number 2 (Private) of 1966.

THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND (CHARTER AMENDMENT) ACT, 1966

ARRANGEMENT OF SECTIONS

Number 2 (Private) of 1966.

THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND (CHARTER AMENDMENT) ACT, 1966

AN ACT TO AMEND THE CHARTER UNDER WHICH THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND IS INCORPORATED SO AS TO ALTER THE PROVISIONS OF THE CHARTER IN RELATION TO ADMISSION TO FELLOWSHIP, THE ANNUAL GENERAL MEETING AND THE APPOINTMENT OF THE COUNCIL AND SECRETARY OF THE INSTITUTE AND TO CONFER POWER ON THE INSTITUTE TO GRANT OR JOIN WITH SIMILAR BODIES IN GRANTING DIPLOMAS, CERTIFICATES AND AWARDS AND FOR OTHER PURPOSES RELATING TO THE INSTITUTE. [22nd June, 1966.]

Preamble.

WHEREAS by a Charter or Letters Patent under the Great Seal of Ireland bearing date the 14th day of May 1888 and granted by her late Majesty Queen Victoria certain persons therein named and such other persons as should thereafter be admitted to membership were incorporated into one body politic and corporate by the name of “The Institute of Chartered Accountants in Ireland” for the purpose of securing a high standard of professional and general education and the efficiency and responsibility of those engaging in the profession of accountants in Ireland and the elevation of that profession as a whole:

AND WHEREAS the members of the Institute are divided into two classes styled respectively Fellows and Associates and it is considered expedient that the Institute should have power to prescribe qualifications, by examination or otherwise, as a condition for future admission to fellowship as well as to associateship:

AND WHEREAS as membership of the Institute extends to persons in Northern Ireland as well as in the State it is desired that provision should be made for holding the annual general meeting of the Institute in Belfast or elsewhere in Northern Ireland as well as in Dublin or elsewhere in the State:

AND WHEREAS to remove doubts it is desired to provide that the whole of the Council of the Institute need not retire at the annual general meeting of the Institute in each year and to enable ex officio members of the Council to be appointed:

AND WHEREAS to remove doubts it is desired to enable the Council of the Institute to appoint a Secretary for such period as may be thought fit:

AND WHEREAS it is expedient that the Institute should have power to grant or join with other professional bodies in granting diplomas, certificates and awards to members of the Institute and others:

AND WHEREAS it is expedient that the other provisions in this Act contained should be enacted:

AND WHEREAS the purposes aforesaid cannot be effected without the authority of the Oireachtas:

BE IT THEREFORE ENACTED BY THE OIREACHTAS AS FOLLOWS:—

Definitions.

1.—In this Act unless the context otherwise requires—

“The Charter” means the Royal Charter of Incorporation of the Institute of Chartered Accountants in Ireland;

“The Institute” means the body corporate constituted by the Charter;

“The Council” means the Council of the Institute;

“The bye-laws” mean the bye-laws, rules and regulations of the Institute for the time being in force;

“The operative date” means the date on which this Act comes into operation.

Admission to fellowship.

2.—(1) Subject to the following subsections of this section, the Institute shall have power to make bye-laws prescribing examinations which must be passed or qualifications which must be acquired as a condition for admission to fellowship of the Institute and, notwithstanding anything contained in the Charter, no person shall, after such bye-laws shall have been made, be admitted to fellowship except in conformity with such bye-laws.

(2) Any bye-laws made for the purpose of this section shall not have effect unless they have been approved by the Council and adopted by a resolution passed by not less than three-fourths of such members as, being entitled to do so, vote at a general meeting of the Institute of which at least fourteen days' notice, specifying the intention to propose the resolution, has been duly given.

(3) Notwithstanding anything contained in the Charter or in any bye-law made for the purpose of this section, any of the following persons who is a member of the Institute and whom the Council in its discretion consider to be a fit and proper person for admission to fellowship, may be admitted to fellowship without examination or other qualification:

(a) any person in practice as an accountant who is a member of the Institute on the operative date and has been continuously in practice (whether before or after the operative date) for not less than five years;

(b) any person who is a member of the Institute on the operative date and has been a member (whether of the Institute or of the former Society of Incorporated Accountants) for not less than ten years;

(c) any member of the Institute whom the Council considers to have rendered outstanding services as a chartered accountant.

Place of annual general meeting, and constitution of Council.

3.—Notwithstanding anything contained in the Charter—

(1) The annual general meeting of the Institute shall be held in each year on such date (not being later than fifteen months after the date of the immediately preceding annual general meeting) in Belfast or elsewhere in Northern Ireland or in Dublin or elsewhere in the State as may be fixed from time to time by the Council.

(2) The Council shall consist of such members and be chosen and constituted in such manner as may be prescribed by the bye-laws and in particular provision may be made by the bye-laws for retirement each year by rotation of some only of the members of the Council and for the appointment of ex-officio members of the Council.

Appointment of Secretary and Treasurer.

4.—Notwithstanding anything contained in the Charter—

(1) The Secretary of the Institute shall be appointed by the Council for such period and upon and subject to such terms and conditions as the Council may think fit and the person so appointed need not necessarily be a member of the Council or of the Institute.

(2) No Treasurer of the Institute shall be appointed unless the bye-laws so provide and then only in accordance with the bye-laws.

Power to grant diplomas, etc.

5.—(1) Without prejudice to the generality of the powers conferred upon the Institute by the Charter, the Institute shall have power, either alone or jointly with other professional bodies, to organise, finance, and maintain schemes for the granting of diplomas, certificates and other awards (with or without prior examination) to members of the Institute and of any other professional bodies which are parties to such schemes in any activities with which the accountancy profession is concerned and for the use of designatory letters by persons granted such diplomas, certificates and awards.

(2) No such scheme shall become operative unless and until it has been approved by a resolution of the members of the Institute at a meeting specially convened for the purpose by at least fourteen days' notice in writing.

(3) Subject to subsection (2) the powers conferred upon the Institute by this section shall be exercisable by the Council; and every such scheme shall be in such form as the Council considers appropriate and in particular may include provision for altering or adding to the scheme and to the regulations (if any) made thereunder for the purpose of implementing the same, but the Council shall not permit any such alteration or addition to be made which in the opinion of the Council would fundamentally alter the scheme as approved by the members of the Institute as aforesaid, except with the further approval of a resolution of the members of the Institute passed in manner aforesaid.

Allowance of bye-laws by the Government.

6.—Any bye-laws made by the Institute or any alteration or amendment thereof shall not have effect until they have been submitted to and allowed by the Government.

Confirmation of Charter in other respects.

7.—Save as hereby amended the Charter shall be and remain in full force and effect.

Expenses of this Act.

8.—The costs, charges and expenses preliminary to and of and incidental to the preparing, obtaining and passing of this Act shall be paid by the Institute out of the funds of the Institute.

Commencement.

9.—This Act shall come into operation on such day as the Government may by order appoint.

Short title.

10.—This Act may be cited as The Institute of Chartered Accountants in Ireland (Charter Amendment) Act, 1966.