Section 18 in The Actuaries Act, 2006

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.

Title: Finances of Council

Description: (1) There shall be established a fund under the management and control of the Council into which shall be paid all moneys (including donations and grants) received by the Council and out of which shall be met all expenses and liabilities incurred by the Council. (2) The Council may invest any money for the time being standing to the credit of the fund in any security as it may deem prudent consistent with the considerations of security of such investments and maximum returns thereon. Explanation.--For the purposes of this sub-section, the expression "securities" shall have the meaning assigned to it in section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) as amended from time to time. (3) The Council shall keep proper accounts of the fund distinguishing capital account from revenue account. (4) The annual accounts of the Institute shall be subject to audit by a Chartered Accountant in practice within the meaning of the Chartered Accountants Act, 1949 (38 of 1949) to be appointed annually by the Council: Provided that no member of the Council who is a Chartered Accountant or a person who is in partnership with such member shall be eligible for appointment as an auditor under this sub-section. (5) As soon as may be practicable at the end of each year, but not later than the 30th day of September of the year next following, the Council shall cause to be published in the Gazette of India, a copy of the audited accounts and the report of the Council for that year and copies of the said accounts and report shall be forwarded to the Central Government and to all the members of the Institute. (6) The Council may borrow from a scheduled bank, as defined in the Reserve Bank of India Act, 1934 (2 of 1934) or from any public financial institution— (a) any money required for meeting its liabilities on capital account on the security of the fund or on the security of any other asset, for the time being belonging to it; or (b) for the purpose of meeting current liabilities, pending the receipt of income, by way of temporary loan or overdraft. Explanation.--The expression "public financial institution" means a financial institution specified in section 4A of the Companies Act, 1956 (1 of 1956).

CHAPTER 2 INSTITUTE OF ACTUARIES OF INDIA