Section 17 in The Actuaries Act, 2006

Title: President, Vice-President and Honorary Secretary

Description: (1) The Council shall, at its first meeting, elect three of its members from amongst persons referred to in clause (a) of sub-section (2) of section 12, to be respectively the President, Vice-President and Honorary Secretary thereof, and as often as the office of the President, Vice-President and Honorary Secretary falls vacant, the Council shall choose one of the member in the same manner: Provided that the Chairperson of the Council of the Actuarial Society shall continue to hold such office as President after the commencement of this Act, until such time as a President is elected under the provisions of this sub-section. (2) The President shall be the Chief Executive Officer of the Council. (3) The President, the Vice-President or the Honorary Secretary shall hold office for a period of two years from the date on which he is chosen provided that he continues to be a member of the Council. (4) The President and the Vice-President shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office. (5) In the event of occurrence of any vacancy in the office of the President, the Vice-President shall act as the President until a new President is elected in accordance with the provisions of this section to fill such vacancy and enters upon his office. (6) When the President is unable to discharge his functions owing to absence, illness or any other cause, the Vice-President shall discharge his functions until the President resumes his duties.

Title: Resignation from membership and filling up to casual vacancies

Description: (1) Any member of the Council may at any time resign his membership by writing under his hand addressed to the President, and the seat of such member shall become vacant when such resignation is accepted and notified by the Council. (2) A member of the Council, other than a member nominated under clause (b) of sub-section (2) of section 12 shall be deemed to have vacated his seat if he is declared by the Council to have been absent without sufficient reason from three consecutive meetings of the Council, or of any of the Committees constituted by the Council, and of which he is a member or he has been found guilty of any professional or other misconduct and awarded penalty of fine or if his name is, for any cause, removed from the register under the provisions of sections 24 and 30. (3) A casual vacancy in the office of a member of the Council shall be filled by fresh election or by nomination by the Central Government, as the case may be, and the person elected or nominated to fill the vacancy shall hold office only for the remainder of the term for which the member in whose place he was elected or nominated would have held that office: Provided that no election shall be held to fill a casual vacancy occurring within one year prior to the date of the expiration of the term of such member. (4) No act done by the Council shall be called in question on the ground merely of the existence of any vacancy in, or defect in the constitution of the Council.

Title: Functions of Council

Description: (1) The duty of carrying out the functions under the provisions of this Act shall be vested in the Council. (2) In particular and without prejudice to the generality of the foregoing power, the functions of the Council shall include— (a) the holding of examination of the candidates for enrolment and specifying fees therefor; (b) the specifying of qualifications for entry in the register; (c) the recognition of foreign qualifications and training for the purposes of enrolment; (d) the granting of or refusal to grant the certificate of practice under this Act; (e) the maintenance and publication of a register of persons qualified to practice as Actuaries; (f) the levy and collection of fees from members, students, examinees and other persons; (g) the removal of names from the register and the restoration to the register of names which have been removed; (h) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute; (i) to issue guidelines for the observance of the members, including the student members; (j) to receive gifts, grants, donations or benefactions from the Central or State Governments and to receive bequests, donations and transfer of movable or immovable properties from testators, donors or transferors, as the case may be; (k) co-operating with educational or other institutions in any part of the world having objects wholly or partly similar to those of the Institute by exchange of members and generally in such manner as may be conducive to achievement of their common objects; (l) instituting and awarding fellowships, scholarships, prizes and medals; (m) giving gifts, grants, donations or benefactions to other institutions or bodies having objects similar to those of the Institute; (n) the carrying out, by granting financial assistance to persons other than members of the Council, or in any other manner, of research in the actuarial science; (o) the maintenance of a library and publication of books, journals and periodicals relating to actuarial science; (p) the exercise of disciplinary powers conferred by this Act; (q) establishing such regional council or councils as may be decided from time to time and fixing their headquarters; and (r) doing all such things as may be necessary, incidental or conducive to the attainment of all or any of the objects of the Institute.

Title: Staff, remuneration and allowances

Description: (1) For the efficient performance of its functions, the Council may— (a) appoint an Executive Director, a Treasurer and such other officers and employees as it deems necessary and fix their salaries, fees, allowances and other conditions of service; and (b) fix the allowances of the President, the Vice-President, the Honorary Secretary and other members of the Council and its Committees, in such manner as may be specified. (2) The Executive Director of the Council shall be entitled to participate in the meetings of the Council but shall not be entitled to vote thereat.

Title: Committees of Council

Description: (1) The Council may constitute such committees from amongst its members, and co-opt therein persons who are not members of the Institute, as it deems necessary for the purpose of carrying out the provisions of this Act: Provided that the number of co-opted members shall not exceed one-third of the total membership of the committee. (2) Every committee constituted under this section shall elect its own Chairman: Provided that— (i) where the President is a member of such committee, he shall be the Chairman of such committee, and in his absence, the Vice-President, if he is a member of such committee, shall be its Chairman; and (ii) where the President is not a member of such committee but the Vice-President is a member, he shall be its Chairman. (3) The committees shall exercise such functions and be subject to such conditions as may be specified.