Section 41 in The Actuaries Act, 2006

Title: Offences by companies

Description: (1) If the person committing an offence under this Act is a company, the company as well as every person in charge of, and responsible to, the company for the conduct of its business at the time of the commission of the offence shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence. (2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or that the commission of the offence is attributable to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, manager, secretary or other officer shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. Explanation.--For the purposes of this section— (a) "company" means any body corporate and includes a firm or other association of individuals; and (b) "director", in relation to a firm, means a partner in the firm.

Title: Sanction to prosecute

Description: No person shall be prosecuted under this Act except on a complaint made by or under the order of the Council or of the Central Government.

Title: Establishment of Quality Review Board

Description: (1) The Central Government shall, by notification, constitute a Quality Review Board consisting of a Chairperson and not more than four Members: Provided that in case the Board is constituted with two Members, one each shall be nominated by the Council and the Central Government, respectively. (2) The Chairperson and Members of the Board shall be appointed from amongst the persons of eminence having experience in the field of law, education, economics, business, finance, accountancy or public administration. (3) Two Members of the Board shall be nominated by the Council and other two Members shall be nominated by the Central Government.

Title: Functions of Board

Description: The Board shall perform the following functions, namely:-- (a) to fix standards for the services provided by the members of the Institute; (b) to review the quality of services provided by the members of the Institute including actuarial audit services; and (c) to guide the members of the Institute to improve the quality of services and adherence to the various statutory and other regulatory requirements.

Title: Procedure of Board

Description: The Board shall follow in its meeting and in discharging its functions such procedure as may be prescribed.