CHAPTER
364
PUBLIC ACCOUNTANTS |
ARRANGEMENT OF
SECTIONS |
SECTION |
PART I
PRELIMINARY |
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PART II
THE BAHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS |
The Bahamas Institute of Chartered Accountants. |
Objects of the Institute. |
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PART III
REGISTRATION AND LICENSING |
Appointment of Registrar and register of members,
associates, students and licensees. |
Qualifications for membership to Institute. |
Qualifications for registration as associate. |
Qualification for registration as student. |
Unlicensed person not to act as public
accountant. |
Licence to practice as public accountant. |
Partners in public accounting firms to be
licensed. |
|
Use of designation and initials. |
Publication of list of public accountants. |
Interpretation in Part III. |
PART IV
DISCIPLINE |
Committees of Institute entrusted with
disciplinary cases. |
|
Complaints of professional misconduct. |
Function of Investigation and Disciplinary
Committees. |
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Power to order immediate suspension. |
Removal of name from register |
Return of certificates or licence. |
Restoration to register, etc. |
Acceptance or rejection of application by
Council. |
Appeal to the Supreme Court. |
Suspension of licence of medically unfit person. |
PART V
MISCELLANEOUS |
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|
Transitional and savings. |
Application of other law. |
FIRST SCHEDULE. |
SECOND SCHEDULE. |
CHAPTER 364 |
PUBLIC ACCOUNTANTS |
An Act to
regulate the practice of public accounting and for related purposes. | 8 of 1991 |
[Assent 17th July,
1991]
[Commencement 16th December, 1991] |
PART I
PRELIMINARY |
1. This Act may be cited as the Public Accountants Act,
1991. | Short title. |
2. In this Act, unless the context otherwise requires- | Interpretation. |
"accountant"
includes public accountant; |
"approved
institute" means an institute, society, association or other body
specified in the Second Schedule; |
"associate"
means an associate of the Institute pursuant to section 10; |
"certificate
of association" means a certificate issued by the Council under section
10(1); |
"Council"
means the Council of the Institute established pursuant, to section 5; |
"Disciplinary
Committee" means the Disciplinary Committee constituted under section
19(3); |
"firm of
public accountants" means a firm of accountants in which each partner,
other than a non-resident partner, is licensed under section 13 to engage in
public practice; |
"former
Institute" means The Institute of Chartered Accountants registered and
incorporated on the 6th day of August, 1971 under the provisions of the
Companies Act; |
"Institute"
means The Bahamas Institute of Chartered Accountants established pursuant to
section 3; |
"Investigation
Committee" means the Investigation Committee constituted under section
19(2); |
"licence"
means a licence issued under section 13; |
"member"
means a member of the Institute pursuant to section 9; |
"membership
certificate" means a certificate issued by the Council under section 9(1); |
"non-resident
partner'' means a partner in a firm of public accountants who is registered as
an associate under section 8(2)(c) by virtue of his being qualified in
accordance with section 10(1)(c)(i); |
"public
accountant" means a person licensed under section 13 to engage in public
practice; |
"public
practice" means the performance of accounting or auditing services for
reward, other than as an employee in the public service, including the
investigation of financial or accounting statements or data, and the issuing of
written opinions, reports or certificates concerning any such statements or
data in order to enhance the credibility of such statements or data; |
"register"
means the register provided for in section 8; |
"Registrar"
means the Registrar of the Institute appointed under section 8(1); |
"student"
means a student of the Institute pursuant to section 11. |
PART II
THE BAHAMAS INSTITUTE OF CHARTERED ACCOUNTANTS |
3. (1) There shall continue to be a body to be known as
The Bahamas Institute of Chartered Accountants. | The Bahamas Institute of Chartered Accountants. |
(2) The Institute
shall consist of such persons who immediately before the date of commencement
of this Act were members of the former Institute, and persons who were
practising as accountants in The Bahamas, whether or not as an employee in the
service of another, by virtue of being a member of the Certified General
Accountants' Association of Canada and in good standing, and of all persons who
may hereafter be registered as members, associates or students under the
provisions of this Act. |
(3) The Institute
shall be a body corporate with perpetual succession and a common seal with
power to acquire, hold and dispose of land and other property of whatever kind,
and to enter into contracts, to sue and be sued in its said name and to do all
things necessary for the purposes of this Act. |
4. The objects of the Institute shall be- | Objects of the Institute. |
(a) to govern
the discipline, and regulate the professional conduct of members, associates
and students; |
(b) to promote
the best standards of practice in financial reporting and in the expression of
professional opinions in relation thereto; |
(c) to promote
and protect the welfare and interest of the Institute and the accounting
profession; |
(d) to promote
and increase the knowledge, skill and proficiency of members, associates and
students in all things relating to the business or profession of accountants; |
(e) to make
provision for the training, education and examination of persons engaging in or
intending to engage in the accounting profession; |
(f) to provide
information on accounting by way of lectures, discussions, and the
dissemination of literature and correspondence; |
(g) to
establish standards of qualifications for and to regulate the professional
conduct of public accountants who are not entitled to be registered as members; |
(h) to do all
such things as are incidental to the aforesaid objects or as the Institute may
think conducive to the attainment of those objects or any of them. |
5. (1) There shall be a Council of the Institute which
shall be responsible for the management of the affairs of the Institute. | Council of Institute. |
(2) The provisions
of the
First Schedule shall have effect with respect to the constitution and
proceedings of the Council and otherwise in relation thereto. |
(3) The Minister,
upon the recommendation of the Council, may amend the First Schedule by order. |
6. (1) The funds of the Institute shall consist of such
moneys as may be lawfully paid to the Institute. | Funds of the Institute. |
(2) The Council
shall manage, administer and keep proper accounts of the funds. |
7. (1) The accounts of the Institute shall be audited
annually by any public accountant or any firm of public accountants appointed
in each year by the members. | Audit of accounts. |
(2) A copy of the
audited accounts shall be kept at the office of the Institute and shall at all
reasonable times be open to inspection by any member or associate. |
PART III
REGISTRATION AND LICENSING |
8. (1) The Council shall appoint a Registrar. | Appointment of Registrar and register of members,
associates, students and licensees. |
(2) The Council
shall cause the Registrar to keep a register in which shall be entered- |
(a) the name of
every person who at the date of commencement of this Act was a member of the
former Institute or was practising as an accountant in The Bahamas, whether or
not as an employee of another, and being a member of the Certified General
Accountants' Association of Canada and in good standing; |
(b) the name of
every person whose application for membership has been approved by the Council; |
(c) the name of
every person whose application for registration as an associate has been
approved by the Council; |
(d) the name of
every person whose application for registration as a student has been approved
by the Council; |
(e) the name of
every person licensed under section 13, |
together
with the following particulars in relation to each such person- |
(i) his
residential and any business address; |
(ii) the date
on which his application was approved by the Council; |
(iii) if
licensed, the date on which the licence was issued; |
(iv) such other
particulars as the Council may require. |
(3) The register
shall be kept at such place as the Council may from time to time determine and
shall be open to inspection by the public at all reasonable times. |
(4) It shall be
the duty of the Registrar to make such alterations in the addresses or other
particulars of persons registered under subsection (2) as are necessary and to
remove from the register the name of any person who is deceased or otherwise
ceases to be a member, associate or student or ceases to be licensed. |
(5) It shall be
the duty of any person registered under subsection (2) to inform the Registrar
of any change in his address or in other particulars relating to him. |
9. (1) Subject to the provisions of this Act, any
person who satisfies the Council- | Qualifications for membership to Institute. |
(a) that he has
attained the age of twenty-one years; |
(b) that he is
of good character; and |
(c) that he is
qualified to be registered as a member, |
is entitled,
upon approval by the Council of his application made in the prescribed manner
and payment of the prescribed fee, to be registered as a member and upon
registration shall receive from the Council a certificate evidencing his
membership (in this Act referred to as a "membership certificate"). |
(2) Subject to
subsection (3), for the purposes of subsection (1), a person is qualified to be
registered as a member if- |
(a) (i) he
is a member in good standing of an approved institute or has satisfied the
academic and professional requirements for admission to membership in an
approved institute; |
(ii) he
has passed such prescribed examinations as the Council may require; and |
(iii) he
satisfies such other requirements as may be prescribed; |
(b) he has
passed the prescribed qualifying examinations of the Institute and satisfies
such other requirements as may be prescribed; or |
(c) he is not a
citizen of The Bahamas or a permanent resident and- |
(i) has
been ordinarily resident in The Bahamas for a period of not less than five
consecutive years ending with the date of his application for membership; |
(ii) is
in possession of a valid work permit; |
(iii) is
a member in good standing of an approved institute; |
(iv) has
passed such prescribed examinations as the Council may require; and |
(v) satisfies
such other requirements as may be prescribed. |
(3) Any person
referred to in paragraphs (a) and (b) of subsection (2) shall satisfy the
Council that he is- |
(a) a citizen
of The Bahamas; or |
(b) a permanent
resident whose permanent residence certificate permits him to engage in
gainful, occupation; or |
(c) a permanent
resident in possession of a valid work permit. |
(4) Every person
registered under paragraph (a) of subsection (2) of section 8 shall be deemed
to be a member and any certificate evidencing the membership of that person in
the former Institute or as a member of the Certified General Accountants'
Association of Canada shall be deemed to be a membership certificate. |
(5) The Council
may by Order amend the Second Schedule. |
10. (1) Subject to the provisions of this Act, any
person, not being a citizen of The Bahamas or a permanent resident, who
satisfies the Council- | Qualifications for registration as associate. |
(a) that he is
of good character; |
(b) that he is
a member in good standing of an approved institute or of an accounting body
accepted by the Council by resolution as being of a standard similar to an
approved institute; and |
(c) (i) that
he is ordinarily resident outside The Bahamas but by virtue of an agreement
with an international accounting firm engaging in public practice in The
Bahamas, is a partner in that firm; or |
(ii) that
he has been ordinarily resident in The Bahamas for a period of less than five
years and is in possession of a valid work permit, |
is entitled,
upon approval by the Council of his application made in the prescribed manner
and payment of the prescribed fee, to be registered as an associate and upon
registration shall receive from the Council a certificate evidencing that he is
an associate (in this Act referred to as a "certificate of
association"). |
(2)
Notwithstanding subsection (1), any person not being a citizen of The Bahamas
or permanent resident, who satisfies paragraphs (a) and (b) of subsection (1)
may, upon application in writing and payment of the prescribed fee, be
registered as an associate if in the opinion of the Council that person is a
fit and proper person to be registered as an associate and is a person whose
registration as an associate is in the best interest of the Institute. |
(3) An associate
shall not be entitled to vote at any general meeting of the Institute and shall
not be eligible to serve on the Council or in any other office of the
Institute. |
11. Any person desiring to pursue prescribed courses
of instruction and systems of training in accounting shall- | Qualification for registration as student. |
(a) apply to
the Council for registration as a student in such manner as the Council may
specify; |
(b) furnish to
the Council such evidence as the Council may require that he- |
(i) is
a citizen of The Bahamas or a permanent resident; |
(ii) is
of good character; and |
(iii) has
attained the prescribed standard of education. |
12. (1) Subject to subsection (3) of section 34, no
person shall hold himself out as a public accountant or engage in public
practice unless he is the holder of a valid licence. | Unlicensed person not to act as public accountant. |
(2) Any person who
contravenes subsection (1) is guilty of an offence and is liable on summary
conviction- |
(a) where such
person is registered as a member, to a fine of five hundred dollars and to a
daily penalty of one hundred dollars; |
(b) in any
other case, to a fine of two thousand dollars or to imprisonment for a term of
twelve months or to both such fine and imprisonment. |
(3) Nothing in
subsection (1) shall prevent any person from- |
(a) engaging in
public practice exclusively in the course of his duties as an employee of any
other person; or |
(b) engaging in
bookkeeping or cost accounting or in the installation of bookkeeping, business
or cost systems. |
13. (1) The Council shall, upon application in writing
and payment of the prescribed fee, issue a licence to engage in public practice
to any person, being a citizen of The Bahamas or a permanent resident, who- | Licence to practice as public accountant. |
(a) (i) is
registered as a member under paragraph (a) or (b) of subsection (2) of section
8; and |
(ii) has
satisfied prescribed public practice requirements; or |
(b) is not
entitled to be registered as a member under paragraph (a) or (b) of subsection
(2) of section 8, but who- |
(i) satisfies
the Council that on the date of commencement of this Act he was engaging in
public practice in The Bahamas for a period of not less than five years
immediately prior to that date; and |
(ii) satisfies
prescribed public practice requirements. |
(2) The Council,
upon application in the prescribed form and payment of the prescribed fee, may
in its discretion issue a licence to engage in public practice to any person,
not being a citizen of The Bahamas or a permanent resident, who- |
(a) (i) is
registered as a member under paragraph (a) of subsection (2) of section 8; |
(ii) was,
on the date of the commencement of this Act and on the date of his application,
engaging in public practice in The Bahamas either alone or in partnership; |
(iii) is
in possession of a valid work permit; and |
(iv) satisfies
prescribed public practice requirements; or |
(b) (i) is
a non-resident partner; |
(ii) is
in possession of a valid work permit; and |
(iii) satisfies
prescribed public practice requirements. |
14. (1) Subject to subsection (2), and notwithstanding
subsection 3(a) of section 12, every individual who engages in public practice
in partnership shall be the holder of a valid licence. | Partners in public accounting firms to be licensed. |
(2) A non-resident
partner shall not be required to be in possession of a licence unless he is
also in possession of a valid work permit. |
(3) An individual
who fails to comply with the provisions of subsection (1) is guilty of an
offence and is liable on summary conviction to a fine of five hundred dollars
and a daily penalty of one hundred dollars. |
15. (1) Every licence shall take effect on the date
specified in the licence as the date on which it is to take effect, and subject
to the provisions of this Act, shall expire on the 31st day of December next
following that date, unless renewed. | Duration of licence. |
(2) Every licence- |
(a) granted
under subsection (1) of section 13 shall be renewed by the Council; or |
(b) granted
under subsection (2) of section 13 may be renewed by the Council, |
upon
application in the prescribed form, payment of the prescribed fee and
satisfaction of prescribed public practice requirements by the holder thereof;
and, subject to the provisions of this Act, such licence shall upon renewal
expire on the 31st day of December next following the date of renewal. |
(3) The annual
renewal licence fee is payable not later than the 31st day of January in each
year. |
(4) A person
required to pay the annual renewal licence fee under this section who fails to
pay that fee within the time specified in subsection (3) shall, in respect of
his licence for that year, pay in addition to that fee, such amount as may be
prescribed. |
(5) A person who
fails to comply with subsection (3) and whose licence expires on the 31st day
of December of the immediately preceding year shall not be considered to be
unlicensed for the purposes of this Act during the period commencing with that
date and ending on the 31st day of January of the succeeding year. |
(6) Where a
licence has been lost, destroyed or mutilated, it may be replaced by the
Council by the issue of a copy thereof upon the application in writing of the
holder of the licence and on the payment of the prescribed fee. |
16. (1) Any person registered as a member may use the
designation "Chartered Accountant" and the initials "C.A."
after his name. | Use of designation and initials. |
(2) Any person
licensed under section 13 may use the designation "Public Accountant"
and the initials "P.A." after his name. |
17. (1) The Registrar shall cause to be published by
notice in the Gazette- | Publication of list of public accountants. |
(a) in the
month of February in each year an alphabetical list of persons who at the 31st
day of January in that year obtained a licence; |
(b) as soon as
practicable after he obtains a licence, the name of the person obtaining such
licence after the 31st day of January in any year. |
(2) A copy of the Gazette
containing the list referred to in paragraph (a) of subsection (1) or the name
of such persons published pursuant to paragraph (b) of that subsection is
evidence of the facts stated therein. |
18. In this Part- | Interpretation in Part III. |
"permanent
resident" means the holder of a subsisting permanent residence certificate
issued under the Immigration Act and includes a person whose name is endorsed
thereon in accordance with that Act; |
"work
permit" means a permit issued in accordance with the provisions of the
Immigration Act permitting the holder thereof to engage in gainful occupation
as an accountant. |
PART IV
DISCIPLINE |
19. (1) There shall be committees of the Institute
known as the Investigation Committee and the Disciplinary Committee. | Committees of Institute entrusted with disciplinary
cases. |
(2) The
Investigation Committee shall consist of a chairman who shall be a member of
the Council and not more than seven other members or associates. |
(3) The
Disciplinary Committee shall consist of- |
(a) a chairman
who shall be a member of the Council; |
(b) not more
than eight other members or associates, who shall be so far as is practicable
persons of a professional standing comparable to or senior to the person
complained against; and |
(c) one person
who is not an accountant. |
(4) The Council
shall appoint the members of the Investigation Committee and the Disciplinary
Committee. |
(5) A member of
the Investigation Committee shall not at the same time be a member of the
Disciplinary Committee. |
20. (1) For the purposes of this Act, it shall be
professional misconduct in the case of any person registered under this Act if
such person- | Professional misconduct. |
(a) is guilty
of dishonesty, or incompetence in the performance of his professional duties or
otherwise breaches the prescribed standards of professional conduct; |
(b) for the
purpose of procuring his registration as a member; associate or student, or of
obtaining a licence, makes any statement which to his knowledge is false in any
material particular or makes any other misleading or fraudulent representation; |
(c) wilfully
betrays any professional confidence; |
(d) knowingly
gives a certificate or report with respect to any matter relating to accounting
or auditing services which he knows or ought to know is untrue, misleading or
otherwise improper; |
(e) allows a
licence issued to him to be used by any other person; |
(f) not being
licensed, uses or has in his possession any document purporting to be a
licence; |
(g) is
convicted by a court in The Bahamas or elsewhere of a criminal offence which in
the opinion of the Council, renders him unfit to be a member, associate,
student or licensee; |
(h) is guilty
of improper conduct or association with any client; |
(i) is otherwise
guilty of any act or thing which is contrary to his professional duties and
responsibilities or of the failure to do any such act or thing in accordance
with such duties and responsibilities. |
(2) For the
purpose of paragraph (c) of subsection (1), any disclosure of confidential
information by a person registered under this Act pertaining to any client
shall not be deemed to be wilful where such disclosure is required by lawful
authority, or by the Investigation Committee or the Disciplinary Committee in
the proper exercise of their duties. |
21. (1) A complaint that any person registered under
this Act has been guilty of professional misconduct may be made to the Council
in writing by any person and shall bear the date of the complaint and the
signature of the complainant but subject to this shall be in no particular
form. | Complaints of professional misconduct. |
(2) Where the
Council is of the opinion that any complaint so made might, if established,
call for the exercise by the Council of any of the disciplinary powers
conferred by section 23, the Council shall refer the complaint to the
Investigation Committee. |
22. (1) It shall be the function of the Investigation
Committee to decide whether a complaint ought to be referred to the
Disciplinary Committee to be dealt with by them in accordance with the
provisions of this Act. | Function of Investigation and Disciplinary Committees. |
(2) If after the
Investigation Committee have referred a complaint to the Disciplinary
Committee, but before the Disciplinary Committee have commenced their enquiry
into the complaint, it appears to the Disciplinary Committee that the question
whether an enquiry should be held needs further consideration, they may refer
the case back to the Investigation Committee for consideration of that question
but, subject to that, it shall be the duty of the Disciplinary Committee to
hold an enquiry into any complaint referred to them under this section. |
(3) The
Disciplinary Committee shall hear complaints referred to them by the
Investigation Committee in such manner as may be prescribed. |
23. (1) On the hearing of a complaint the Disciplinary
Committee shall make to the Council recommendations concerning that complaint
and the Council, acting on such recommendations, shall either dismiss the
complaint or make an order of a disciplinary nature, and any such order may in
particular provide for any of the following matters; that is to say- | Disciplinary powers. |
(a) the removal
from the register of the name of the person to whom the complaint relates; |
(b) where the
person to whom the complaint relates has been issued with a licence- |
(i) the
suspension of the licence for a period not exceeding one year; or |
(ii) the
revocation of the licence; |
(c) payment, by
any party to the proceedings, of an award of costs or of such sum as the
Disciplinary Committee may consider a reasonable contribution towards the costs
incurred in connection with those proceedings. |
(2) Any payment
ordered to be made by any person under paragraph (c) of subsection (1) may be
enforced in a summary manner as a judgment debt owed to the Institute. |
24. (1) Every order made by the Council under section
23 shall state the findings of the Disciplinary Committee of the facts of the
case and shall be signed by the Chairman of the Council. | Orders of Council. |
(2) Every such
order shall be filed with the Registrar and shall take effect- |
(a) where no
appeal under section 30 is brought against the order within the time limit for
the appeal, on the expiration of that time; |
(b) where such
an appeal is brought and is withdrawn or struck out for want of prosecution, on
the withdrawal or striking out of the appeal; |
(c) where such
an appeal is brought and is not withdrawn or struck out as aforesaid, if and
when the appeal is dismissed and not otherwise, |
and shall
thereupon be acted upon and be enforceable in the same manner as a judgment or
order of the Magistrates Court to the like effect. |
(3) Upon the
taking effect of an order filed with him pursuant to subsection (2), the
Registrar shall- |
(a) cause a
note of the effect of every such order to be entered in the register against
the name of the person to whom the order relates; and |
(b) in the case
of an order providing for the removal of the name of any person from the
register or for the suspension or revocation of a licence, cause a notice
stating the effect of the order to be published in the Gazette. |
25. (1) On making an order under paragraph (b) of
subsection (1) of section 23, the Council if satisfied that to do so is
necessary for the protection of members of the public may order that his
licence be suspended or revoked forthwith in accordance with section 23. | Power to order immediate suspension. |
(2) Where an order
under subsection (1) is made in respect of any person his licence shall be
suspended, or revoked (that is to say, shall not have effect) from the time
when the order is made until the time when the relevant order takes effect in
accordance with subsection (2) of section 24 or an appeal against it under
section 30 is determined. |
(3) The Supreme
Court may revoke any order made under subsection (1) and the decision of the
Court on any application under this subsection shall be final. |
26. (1) The Registrar shall remove the name of any
person registered under this Act from the register- | Removal of name from register. |
(a) upon the
application of that person; |
(b) upon the
failure of that person to pay any prescribed annual fee within nine months
after the date on which such fee becomes payable; or |
(c) upon the
taking effect of an order to that effect of the Council under section 23, in
relation to that person. |
(2) Where a
complaint has been made against any person under subsection (1) of section 21,
his name shall not be removed under paragraph (a) of subsection (1) until the
complaint or any appeal in relation thereto, has been finally disposed of under
this Act. |
(3) Where the name
of any person has been removed from the register, any licence issued to him
shall cease to have effect for as long as his name remains off the register. |
27. (1) Where the name of any person has been removed
from the register or the licence of any person has been suspended or revoked,
the Council may, in writing, require such person to return to the Registrar his
membership certificate, certificate of association or licence, as the case may
be, and such person shall comply with that requirement. | Return of certificates or licence. |
(2) Any person who
fails without reasonable excuse to return his membership certificate,
certificate of association or licence as required by subsection (1) is guilty
of an offence and is liable on summary conviction to a fine of five hundred
dollars. |
28. (1) The Council may, at any time upon application
in writing by any person whose name has been removed from the register or whose
licence has been suspended or revoked, determine, if it thinks fit, that such
person's name shall be restored to the register or, that his licence be
restored or the suspension cease as the case may be, with effect from such date
as the Council may appoint, and shall forthwith give notice of any such
determination to the Registrar. | Restoration to register, etc. |
(2) On receipt of
notice of a determination made by the Council under subsection (1) in relation
to any person, the Registrar shall forthwith cause the name of that person to
be restored to the register or, cause a note of the cessation of the suspension
or the restoration of his licence to be entered therein, and shall cause notice
of the determination of the Council to be published in the Gazette. |
29. (1) The Council may approve or reject any
application made under sections 9, 10, 11, 13 or 15. | Acceptance or rejection of application by Council. |
(2) Where under
subsection (1) the Council rejects the application of any person, it shall
within ten days from the date of such rejection give written notice thereof to
the person whose application was so rejected. |
30. (1) Any person aggrieved- | Appeal to the Supreme Court. |
(a) by the
rejection by the Council of his application for registration as a member or for
a licence; |
(b) by an order
by the Council under section 23 in relation to a complaint made by or against
him, |
may, within
three months of the receipt of any such notice in respect thereof, appeal on
that account to the Supreme Court and in relation to every such appeal section
54 of the
Magistrates Act shall mutatis mutandis apply as if the matter in respect
of which the appeal is brought were a judgment or order of the Magistrates
Court. |
(2) No further
appeal shall lie from the decision of the Supreme Court on an appeal made under
this section. |
31. (1) Where the Council is satisfied, by a certificate
of a registered medical practitioner, that any holder of a licence is suffering
from any illness which renders him unfit to satisfactorily perform his duties
as a public accountant, the Council may make an order to suspend his licence
for a period not exceeding one year. | Suspension of licence of medically unfit person. |
(2) Where an order
under subsection (1) is made the provisions of this Part shall mutatis
mutandis apply. |
PART V
MISCELLANEOUS |
32. The Council with the approval of the
Governor-General may make regulations for carrying into effect the purposes and
provisions of this Act, and, without restricting the generality of the
foregoing, may make regulations- | Regulations. |
(a) prescribing
the standards of professional conduct for members, associates and students; |
(b) regulating
the hearing and determination of complaints brought under this Act; |
(c) providing
for the establishment and maintenance of classes, lectures, courses of study
and systems of training and examinations in accounting and for requirements relating
to practical experience; |
(d) prescribing
public practice requirements; |
(e) providing
for the receipt, management, investment and application of the assets of the
Institute including contributions, donations and bequests from members and
others; |
(f) providing
for the affiliation of the Institute with any university or college or with any
corporation or association having similar or related objects to those provided
for under section 4; |
(g) prescribing
the time, manner and form of making any application, the information and
evidence to be submitted in connection therewith, and the procedure to be
followed in the consideration of applications; |
(h) prescribing
fees, subscriptions or other sums payable to the Institute by members,
associates or students; |
(i) providing
for general meetings of the Institute and for the procedure at such meetings; |
(j) providing
for the procedure of any committee of the Institute; |
(k) prescribing
anything authorised or required by this Act to be prescribed. |
33. Any person who- | Offences and penalties. |
(a) uses the
licence of another person; |
(b) for the
purpose of procuring or attempting to procure a licence for himself or for any
other person, wilfully makes or produces or causes to be made or produced any
fraudulent representation or declaration either oral or in writing; |
(c) for the
purpose of procuring or attempting to procure registration as a member,
associate or student for himself or for any other person, wilfully makes or
produces or causes to be made or produced any fraudulent representation or
declaration either oral or in writing; |
(d) makes or
causes to be made any falsification in the register or in any matter relating
to the register, |
is guilty of
an offence and is liable on summary conviction to a fine of one thousand
dollars or to imprisonment for a term of twelve months or to both such fine and
imprisonment. |
34. (1) Where any complaint of professional misconduct
has been made to the Council before the coming into force of this Act against
any person who on the date of the commencement of this Act was a member of the
former Institute that complaint shall, after the coming into force of this Act,
be dealt with, inquired into and determined in accordance with this Act. | Transitional and savings. |
(2) On the date of
commencement of this Act, all property, rights and liabilities which
immediately before that date were property, rights and liabilities of the
former Institute shall, by virtue of this section, vest in the Institute
established pursuant to section 3 and on or after that date any legal
proceedings in respect of any such property, rights or liabilities may be
commenced or continued by or against the Institute so established as if they
could have been commenced or continued by or against the former Institute. |
(3)
Notwithstanding any provision of this Act, a person who immediately before the
date of commencement of this Act was engaged in public practice may continue to
practise without a licence until the 31st day of December next following the
date of commencement. |
35. Nothing in this Act shall derogate from the
provisions of any other law. | Application of other law. |
FIRST SCHEDULE (Section 5) |
1. (1) The
Council shall consist of not less than nine and not more than fifteen persons
who shall be elected in the prescribed manner by the members from among the
membership. | Constitution of the Council. |
(2) Not less than
sixty per centum of the members elected to the Council shall be citizens of The
Bahamas. |
(3) The members of
the Council shall elect from among themselves the officers of the Institute who
shall be the President, the First Vice-President, the Second Vice-President and
the Treasurer. |
(4) The Council
shall appoint one person as Secretary of the Institute for a period of one
year. |
(5) The President
of the Institute shall be Chairman of the Council. |
2. (1)
Subject to the provisions of this Schedule a member of the Council shall hold
office for one year, but shall be eligible for re-election. | Tenure of office. |
(2)
Notwithstanding subparagraph (1) any member of Council serving as President or
First Vice-President shall be returned as a member of the Council, unless he
declines. |
3. Any
member of the Council may at any time resign his office by notice in writing to
the Secretary. | Resignation. |
4. If any
vacancy occurs in the membership of the Council, such vacancy shall be filled
by the appointment by the Council of another member who shall, subject to the
provisions of this Schedule, hold office for the remainder of the period to be
served by the previous member. | Vacancies. |
5. The
names of all members of the Council as first constituted and every change in
the membership thereof shall be published by notice in the Gazette. | Gazetting of appointments. |
6. (1) The
seal of the Council shall be kept in the custody of the Chairman or the
Secretary and shall be affixed to instruments in the presence of the Chairman
or any other member of the Council. | Seal. |
(2) The seal of
the Council shall be authenticated by the signatures of the Chairman or a
Vice-President and the Secretary or any other Council member authorised to act
in that behalf, and shall be officially and judicially noted. |
7. (1) The
Council shall meet at such time as may be necessary or expedient for the
transaction of its business, and such meetings shall be held at such places and
times and on such days as the Council may determine. | Procedure and meetings. |
(2) The Chairman
may at any time call a special meeting of the Council and shall call a special
meeting within seven days of the receipt of a written requisition for that
purpose addressed to him by any two members of the Council. |
(3) The Chairman
shall preside at all meetings of the Council at which he is present and, in the
case of the Chairman's absence from any meeting or at his request, a
Vice-President shall act as Chairman. |
(4) A quorum of
the Council shall be a simple majority of its members. |
(5) The decisions
of the Council shall be by a majority of votes, and, in addition to an original
vote, the Chairman or other person presiding at a meeting shall have a casting
vote in any case in which the voting is equal. |
(6) Minutes in
proper form of each meeting of the Council shall be kept by the Secretary. |
(7) Subject to the
provisions of this Schedule the Council may regulate its own proceedings. |
8. No
decision or act of the Council or act done under the authority of the Council
shall be invalid by reason of the fact that- | Validity of decisions. |
(a) the full
number of members for which provision is made in paragraph 1 of this Schedule
was not appointed or there was a vacancy or vacancies amongst such members; or |
(b) a
disqualified person acted as a member of the Council at the time the decision
was taken or the act was done or authorized, |
if the
decision was taken or the act was done or authorized by a majority vote of the
persons who at the time were entitled to act as such members. |
9. (1)
Subject to the provisions of this Act, the Council may appoint such committees
from among members and associates as it may think fit and may delegate to any
such committee the power and authority to carry out on its behalf such duties
as the Council may determine. | Committees. |
(2) The constitution
of each committee shall be determined by the Council. |
10. (1) No
member of the Council or any committee appointed by the Council shall be
personally liable for any act or default of the Council or of the committee
done or omitted to be done in good faith in the course of the operations of the
Council or of the committee. | Protection of members. |
(2) Where any
member of the Council is exempted from liability by reason only of the
provisions of subparagraph (1) the Council shall be liable to the extent that
it would be if the member was a servant or agent of the Council. |
SECOND SCHEDULE (Section 2) |
The Institute of
Chartered Accountants in England and Wales. |
The Canadian
Institute of Chartered Accountants. |
The Certified
General Accountants' Association of Canada. |
The Chartered
Association of Certified Accountants. |
The American
Institute of Certified Public Accountants. |