Section 21 in The Actuaries Act, 2006

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).

Title: Register

Description: (1) The Council shall maintain in the specified manner a register of the members of the Institute. (2) The register shall include the following particulars about every member of the Institute, namely:-- (a) his full name, date of birth, domicile, residential and professional addresses; (b) the date on which his name is entered in the register; (c) his qualifications; (d) whether he holds a certificate of practice; and (e) any other particulars which may be specified. (3) The Council shall cause to be published in such manner as may be specified a list of members as on the 1st day of April each year, and shall, if requested to do so by any such member, send him a copy of such list, on payment of such amount as may be specified. (4) Every member of the Institute shall, on his name being entered in the register, pay such annual membership fee as may be specified by the Council.

Title: Removal of name from register.

Description: The Council may, by order, remove from the register the name of any member of the Institute— (a) who is dead; or (b) from whom a request has been received to that effect; or (c) who has not paid any specified fee required to be paid by him; or (d) who is found to have been subject to, at the time when his name was entered in the register, or who at any time thereafter has become subject to, any of the disqualifications mentioned in section 11; or (e) who for any other reason has ceased to be entitled to have his name borne on the register.

Title: Re-entry in register.

Description: The Council may re-enter the name of a member whose name has been removed from the register for reasons mentioned in clauses (b), (c), (d) and (e) of section 24, by an order, and on paying such fees, and after satisfying such conditions and requirements as may be specified.

CHAPTER 2 INSTITUTE OF ACTUARIES OF INDIA