Cost and Works Accountants Act, 1959

85. Executive Committee

The Executive Committee shall perform the following functions, namely:-

(a) maintenance of the office of the Council and for this purpose the Executive Committee may employ, suspend, discharge or re-employ the necessary staff on such terms and conditions as it may deem fit;

(b) maintenance of proper accounts of all receipts and payments on behalf of the Council and the matters in respect of which receipts and payments take place and of all the property, securities, debts, funds and liabilities of the Institute;

(c) maintenance of the Register of Members of the Institute, and all other statutory Registers which are prescribed by the Act or these Regulations from time to time;

(d) control and custody of the property, assets and funds of the Institute;

(e) investment of the surplus funds of the Institute in Government securities approved by the Council or other securities approved by the Central Government, and to vary such investments from time to time;

(f) disbursements from the funds of the Institute for expenditure both revenue and capital within the estimates previously sanctioned by the Council:

PROVIDED that, in emergent cases, expenditure in excess of the estimates previously sanctioned by the council may be incurred by the committee but such excess expenditure should be brought to the notice of the council at its next meeting; and

(g) enrollment of associates, admission of fellows, removal and restoration of names of members, cancellation of Certificate of Practice, issue of Certificates of Membership, prosecution of members on the findings of the Council, granting permissions for Cost Accountants in practice or firms of such Costs Accountants to have a branch office in India without being in separate charge of a member of the Institute until the Council decides the matter and publication of list of members.

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