Constitution

CONSTITUTION OF THE INDIAN ACCOUNTING ASSOCIATION, PATNA BRANCH

INDIAN ACCOUNTING ASSOCIATION, PATNA BRANCH (HEREINAFTER REFERRED TO AS THE BRANCH), WILL ACT AS A BRANCH OF THE INDIAN ACCOUNTING ASSOCIATION (HEREINAFTER REFERRED TO AS THE PARENT ASSOCIATION), SET UP IN 1970 (VIDE REGISTRATION NO. 429 / 68-69), WITH ITS HEAD OFFICE PRESENTLY LOCATED AT M. L. SUKHADIA UNIVERSITY, UDAIPUR, RAJASTHAN.

OFFICE

THE OFFICE OF THE BRANCH SHALL MOVE WITH THE SECRETARY.

OBJECTIVES:

The objectives of the Branch shall include:

• CREATION AND DISSEMINATION OF KNOWLEDGE IN THE FIELD OF ACCOUNTING, FINANCE, MANAGEMENT, ECONOMICS AND SUCH OTHER RELATED DISCIPLINES.

• ARRANGING FOR SEMINARS, CONFERENCES, SYMPOSIA, WORKSHOPS, ETC. ON SUSTAINED BASIS AT REGIONAL, NATIONAL AND INTERNATIONAL LEVELS EITHER SEVERALLY OR JOINTLY WITH ANY HIGHER EDUCATIONAL INSTITUTION INCLUDING UNIVERSITY, PROFESSIONAL INSTITUTION, CORPORATE BODY, ETC.

• PUBLICATION OF JOURNAL ON REGULAR BASIS.

• IMPROVING THE ENVIRONMENT FOR RESEARCH ACTIVITY IN THE RELATED FIELDS.

• SPONSORING NEEDY BUT MERITORIOUS STUDENTS IN THE RELATED DISCIPLINES.

• GUIDANCE FOR PURSUING PROFESSIONAL AND CAREER-ORIENTED COURSES IN RELATED DISCIPLINES.

• PROVIDING GUIDANCE, CONSULTANCY, ETC. TO THE INTERESTED INSTITUTIONS IN FORMULATING AND IMPARTING STATE-OF-THE-ART CURRICULUM ON PROFESSIONAL AND ACADEMIC COURSES IN THE RELATED DISCIPLINES.

• TAKING JOINT INITIATIVE WITH CORPORATE BODIES IN PROVIDING THEORETICAL AND PRACTICAL TRAINING TO THE CORPORATE EMPLOYEES ON MODERN ACCOUNTING, AUDITING, FINANCE AND OTHER RELATED AREAS.

MEMBERSHIP:

• ELIGIBILITY: PERSONS FROM ACADEMICS INCLUDING TEACHERS, RESEARCH SCHOLARS AND STUDENTS, PERSONS FROM PROFESSIONS INCLUDING CHARTERED ACCOUNTANTS, COMPANY SECRETARIES, COST ACCOUNTANTS, TAX PRACTITIONERS, ETC. AND PERSONS FROM INDUSTRY AND OTHER ORGANIZATIONS INCLUDING PROFESSIONAL MANAGERS AND ADMINISTRATORS ARE ELIGIBLE FOR MEMBERSHIP.

• CATEGORIES: THE MEMBERS OF THE BRANCH SHALL BE OF TWO CATEGORIES: (I) LIFE MEMBER, AND (II) INSTITUTIONAL MEMBER. A LIFE MEMBER SHALL PAY RS. 3,600 AS LIFE MEMBERSHIP FEE. INSTITUTIONAL MEMBERSHIP FEE SHALL BE RS. 8,000 FOR PERMANENT MEMBERSHIP AND RS. 2000 FOR ANNUAL MEMBERSHIP. 75% OF SUCH MEMBERSHIP FEE SHALL BE REMITTED TO THE TREASURER OF THE PARENT ASSOCIATION. THE ABOVE-MENTIONED MEMBERSHIP FEES MAY CHANGE IN FUTURE ACCORDING TO THE CHANGE MADE BY THE PARENT ASSOCIATION.

• VOTING RIGHTS: SUBJECT TO ANY RIGHT OR RESTRICTION FOR THE TIME BEING ATTACHED TO MEMBERSHIP, EVERY MEMBER PRESENT IN PERSON SHALL HAVE ONE VOTE.

• OTHER RIGHTS: MEMBERS OF THE BRANCH SHALL BE ENTITLED TO RECEIVE THE COPIES OF THE JOURNAL PUBLISHED BY INDIAN ACCOUNTING ASSOCIATION DURING HIS / HER TENURE AS MEMBER.

• NON-TRANSFERABILITY OF MEMBERSHIP: THE MEMBERSHIP OF THE BRANCH AND ALL THE RIGHTS ATTACHED TO IT SHALL NOT BE TRANSFERRED TO ANY OTHER PERSON.

CONSTITUTION OF EXECUTIVE COMMITTEE

THERE SHALL BE AN EXECUTIVE COMMITTEE TO FRAME UP GUIDELINES FOR SMOOTH AND EFFECTIVE FUNCTIONING OF THE BRANCH AND TO MANAGE AND SUPERVISE ITS FUNCTIONS IN ACCOMPLISHMENT OF THE OBJECTIVES. THE SIZE OF THE EXECUTIVE COMMITTEE OF THE BRANCH (INCLUDING THE OFFICE BEARERS LIKE THE PRESIDENT, THE SECRETARY, AND THE TREASURER) SHALL BE 14 (FOURTEEN) OR 10% OF THE TOTAL NUMBER OF MEMBERS, WHICHEVER IS HIGHER. IF 10% OF THE TOTAL NUMBER OF MEMBERS IS AN EVEN NUMBER, THE NUMBER OF MEMBERS OF THE EXECUTIVE COMMITTEE SHALL BE IMMEDIATELY NEXT ODD NUMBER. HOWEVER, THE TOTAL NUMBER OF MEMBERS OF THE EXECUTIVE COMMITTEE SHALL IN NO CASE EXCEED 14.

THE COMPOSITION OF THE COMMITTEE SHALL BE AS FOLLOWS:

• PRESIDENT

• SR./JR. VICE PRESIDENT

• SECRETARY

• JOINT SECRETARY

• TREASURER, AND

• OTHER NECESSARY MEMBERS

POWERS AND DUTIES OF OFFICE BEARERS:

President:

• TO PRESIDE OVER ALL MEETINGS OF THE BRANCH AND OF THE EXECUTIVE COMMITTEE AND TO CONDUCT AND REGULATE THE BUSINESS THEREAT.

• TO EXERCISE CASTING VOTE IN THE CASE OF A TIE IN THE RESULTS OF ANY VOTE (WHETHER BY SHOW OF HANDS OR ON POLL) TAKING PLACE IN ANY MEETING OF THE BRANCH AND OF THE EXECUTIVE COMMITTEE.

Vice-Presidents:

• TO PRESIDE AT THE MEETINGS OF THE ASSOCIATION AND OF THE EXECUTIVE COMMITTEE IN THE ABSENCE OF THE PRESIDENT, AND REGULATE THE PROCEEDINGS AT SUCH MEETINGS.

• TO PERFORM SUCH FUNCTIONS AND DUTIES AS MAY BE DELEGATED TO HIM BY THE EXECUTIVE COMMITTEE OR THE PRESIDENT.

Secretary:

• TO CONVENE GENERAL MEETING AND MEETING OF THE EXECUTIVE COMMITTEE WITH THE CONSENT OF THE PRESIDENT AND MAKE ARRANGEMENTS FOR THAT MEETINGS.

• TO DECIDE THE AGENDA TO BE TRANSACTED IN THE GENERAL MEETING AND MEETING OF THE EXECUTIVE COMMITTEE.

• TO MAINTAIN ALL RECORDS AND DOCUMENTS OF EVERY KIND RELATED TO THE ACTIVITIES OF THE BRANCH.

• TO EXERCISE SUPERVISION OVER THE FUNCTIONING OF VARIOUS COMMITTEES AND SUB-COMMITTEES FORMED FOR DIFFERENT PURPOSES FROM TIME TO TIME.

• TO EXECUTE AND SIGN DIFFERENT DOCUMENTS, DEEDS, AGREEMENTS, ETC. ON BEHALF OF THE BRANCH UNDER THE SEAL OF THE BRANCH PROVIDED THAT THE MATTER LEADING TO SUCH EXECUTION IS ALREADY PASSED IN A MEETING OF THE EXECUTIVE COMMITTEE AND / OR IN A GENERAL MEETING OF THE BRANCH.

• TO CARRY OUT SUCH OTHER DUTIES AS MAY BE ASSIGNED BY THE EXECUTIVE COMMITTEE FROM TIME TO TIME.

Joint Secretaries:

• TO CARRY SUCH DUTIES AS MAY BE DELEGATED TO HIM/HER BY THE SECRETARY OR THE EXECUTIVE COMMITTEE.

Treasurer:

• TO RECEIVE ALL MONIES INCLUDING MEMBERSHIP FEE ON BEHALF OF THE BRANCH ON ISSUE OF THE MONEY RECEIPT OF THE BRANCH AND DEPOSIT THE SAME IN THE SAVINGS BANK ACCOUNT OF THE BRANCH.

• TO RECEIVE ANY ASSET OR PROPERTY ON BEHALF OF THE BRANCH AND KEEP IT UNDER PROPER CUSTODY, WITH PRIOR APPROVAL OF THE EXECUTIVE COMMITTEE.

• TO RECORD ALL FINANCIAL TRANSACTIONS IN THE BOOKS OF ACCOUNTS OF THE BRANCH AND TO PRESERVE SUPPORTING DOCUMENTS / EVIDENCES IN RESPECT OF ALL RECEIPTS AND PAYMENTS.

• TO PREPARE FINANCIAL STATEMENTS COMPRISING RECEIPTS AND PAYMENTS ACCOUNT, INCOME STATEMENT AND BALANCE SHEET OF THE BRANCH FOR EVERY ACCOUNTING YEAR AND GET THE SAME AUDITED BY AN AUTHORIZED AUDITOR.

• TO PLACE THE FINANCIAL STATEMENTS OF THE BRANCH AT THE MEETING OF THE EXECUTIVE COMMITTEE FOR ITS ADOPTION AND APPROVAL AND THEREAFTER AT THE ANNUAL GENERAL MEETING FOR ITS ACCEPTANCE BY THE MEMBERS OF THE BRANCH.

• TO PREPARE INCOME AND EXPENDITURE BUDGET OF THE BRANCH.

• TO ADVISE THE EXECUTIVE COMMITTEE FOR PROPER AND PRUDENT UTILIZATION OF THE FUNDS OF THE BRANCH AND TO SUGGEST FOR MAKING FIXED DEPOSIT WITH THE SURPLUS FUND, IF ANY.

• TO TAKE CARE OF ALL OTHER FINANCIAL MATTERS IN CONSULTATION WITH THE SECRETARY AND / OR THE EXECUTIVE COMMITTEE.

Chief Editor:

• TO ARRANGE FOR THE PUBLICATION, DISTRIBUTION AND SALE OF THE JOURNAL AND SUCH OTHER PUBLICATIONS OF THE BRANCH

Editors:

• TO CARRY SUCH DUTIES AS MAY BE DELEGATED TO HIM/HER BY THE CHIEF EDITOR OR THE EXECUTIVE COMMITTEE.

MEETINGS OF THE MEMBERS:

• ONE MEETING IN THE NAME OF ANNUAL GENERAL MEETING (AGM) SHALL BE HELD IN EACH YEAR.

• THE AGM OF THE BRANCH BE PREFERABLY HELD BY MARCH EVERY YEAR USUALLY FOLLOWING THE ACCOUNTING YEAR OF THE BRANCH WHICH WILL FOLLOW THE CALENDAR YEAR.

• THE AGM OF THE BRANCH SHALL BE CONVENED BY THE SECRETARY BY ISSUING AT LEAST 7 DAYS’ CLEAR NOTICE TO ALL ELIGIBLE MEMBERS OF THE BRANCH THROUGH E-MAIL OR ANY OTHER APPROPRIATE MODE.

• IN THE AGM OF THE BRANCH, AMONG OTHER BUSINESS, THE ELECTION OF THE PRESIDENT, SECRETARY, TREASURER AND OTHER MEMBERS TO THE EXECUTIVE COMMITTEE OF THE BRANCH SHALL TAKE PLACE.

• IN ADDITION TO THE AGM OF THE BRANCH, EXTRAORDINARY GENERAL MEETING(S) MAY BE CALLED BY THE SECRETARY, IF REQUISITION IN WRITING IS GIVEN BY AT LEAST 25 MEMBERS OF THE BRANCH TO THE SECRETARY. SUCH MEETING SHALL BE CALLED BY DELIVERING AT LEAST 7 DAYS’ NOTICE TO ALL ELIGIBLE MEMBERS OF THE BRANCH.

• NO BUSINESS SHALL BE TRANSACTED AT ANY GENERAL MEETING UNLESS A QUORUM OF MEMBERS IS PRESENT AT THE TIME WHEN THE MEETING PROCEEDS TO BUSINESS.

• MEMBERS PRESENT IN PERSON SHALL FORM THE QUORUM FOR ANY GENERAL MEETING.

• THE QUORUM OF ANY AGM AND EXTRAORDINARY GENERAL MEETING SHALL BE 1/3RD OF THE TOTAL NUMBER OF MEMBERS PLUS 1 (IF REQUIRED TO MAKE THE TOTAL MEMBERS PRESENT IN THE MEETING AN ODD NUMBER) OR 25 WHICHEVER IS LESS.

• THE PRESIDENT OF THE BRANCH SHALL CHAIR AT EVERY GENERAL MEETING. IF THE PRESIDENT IS NOT PRESENT IN THE MEETING, THE ELDEST MEMBER PRESENT SHALL PRESIDE OVER THE MEETING.

• THE CHAIRMAN MAY, WITH THE CONSENT OF ANY MEETING AT WHICH A QUORUM IS PRESENT, AND SHALL, IF SO DIRECTED BY THE MEETING, ADJOURN THE MEETING FROM TIME TO TIME.

• NO BUSINESS SHALL BE TRANSACTED AT ANY ADJOURNED MEETING OTHER THAN THE BUSINESS LEFT UNFINISHED AT THE MEETING FROM WHICH THE ADJOURNMENT TOOK PLACE. NO QUORUM IS REQUIRED TO BE MAINTAINED FOR THE ADJOURNED MEETING.

• IN THE CASE OF A TIE IN THE RESULTS OF ANY VOTE, WHETHER ON SHOW OF HANDS OR ON POLL, THE CHAIRMAN OF THE MEETING SHALL BE ENTITLED TO A SECOND OR CASTING VOTE IN ORDER TO ARRIVE AT A DECISION OR RESULT.

• QUESTIONS ARISING AT ANY MEETING SHALL BE DECIDED BY A MAJORITY OF VOTES. ANY DECISION / RESOLUTION SHOULD BE TAKEN / ADOPTED AT THE MEETING ON THE BASIS OF A MAJORITY OF VOTES.

MEETINGS OF THE EXECUTIVE COMMITTEE:

• THE SECRETARY OF THE EXECUTIVE COMMITTEE OF THE BRANCH WILL NORMALLY CONVENE A MEETING OF THE COMMITTEE AT 7 DAYS NOTICE TO ALL MEMBERS OF THE EXECUTIVE COMMITTEE WITH PRIOR PERMISSION OF THE PRESIDENT. THE PRESIDENT OF THE EXECUTIVE COMMITTEE OF THE BRANCH MAY ALSO AT ANY TIME SUMMON A MEETING OF THE COMMITTEE WITH THE SAME NOTICE PERIOD IF HE THINKS IT NECESSARY FOR ANY REASON.

• ANY EMERGENCY MEETING OF THE EXECUTIVE COMMITTEE MAY BE CALLED BY THE PRESIDENT / SECRETARY AT 48 HOURS’ NOTICE.

• THE PRESIDENT OF THE BRANCH SHALL CHAIR AT EVERY EXECUTIVE COMMITTEE MEETING. IF THE PRESIDENT, FOR ANY EMERGENCY, COULD NOT BE PRESENT IN THE MEETING, THE ELDEST MEMBER PRESENT SHALL PRESIDE OVER THE MEETING.

• ANY DECISION / RESOLUTION SHOULD BE TAKEN / ADOPTED AT THE MEETING ON THE BASIS OF A MAJORITY OF VOTES.

• 1/3RD OF THE TOTAL MEMBERS IN THE EXECUTIVE COMMITTEE (INCLUDING THE PRESIDENT, SECRETARY AND TREASURER) PLUS 1 SHALL FORM THE QUORUM FOR ANY EXECUTIVE COMMITTEE MEETING.

• THE EXECUTIVE COMMITTEE MAY FORM SUB-COMMITTEES FROM AMONGST ITS MEMBERS AND / OR OTHER MEMBERS OF THE BRANCH TO CONDUCT ANY BUSINESS AS IT DEEMS FIT. THE DECISION OF SUCH SUB-COMMITTEE WILL BE IMPLEMENTED ON ITS ACCEPTANCE BY THE EXECUTIVE COMMITTEE.

BANK ACCOUNT:

• THE BRANCH SHALL MAINTAIN A SAVINGS BANK ACCOUNT IN THE NAME OF “IAA, PATNA BRANCH”.

• THE ACCOUNT SHALL BE OPERATED JOINTLY BY ANY OF THE TWO OFFICE BEARERS, VIZ., THE PRESIDENT, THE SECRETARY AND THE TREASURER.

• IN ADDITION TO THE ABOVE BANK ACCOUNT, THE BRANCH MAY OPEN SEPARATE BANK ACCOUNT IF REQUIRED FOR ANY SPECIAL PURPOSE LIKE HOLDING OF ANY CONFERENCE, ORGANIZING ANY ACADEMIC PROGRAMME JOINTLY WITH ANY OTHER ORGANIZATION, ETC., IF IT IS SO DECIDED BY THE EXECUTIVE COMMITTEE MEETING. THE OPERATION OF SUCH A BANK ACCOUNT SHALL BE DECIDED IN EXECUTIVE COMMITTEE. THE SURPLUS, IF ANY OF THIS ACCOUNT IS TO BE DULY HANDED OVER TO THE TREASURER WITH AN AUDITED STATEMENT OF ACCOUNT FOR SUBSEQUENT DEPOSIT OF THE SAME TO THE BRANCH’S PRINCIPAL BANK ACCOUNT.

ACCOUNTS:

• THE ACCOUNTING YEAR FOR PREPARATION OF FINANCIAL STATEMENTS SHALL BE THE CALENDAR YEAR.

• IF DUE TO ANY REASON, THE PREVIOUS FINANCIAL STATEMENTS DO NOT REPRESENT A CALENDAR YEAR, THE ACCOUNTING PERIOD FOR THE JUST FOLLOWING FINANCIAL STATEMENTS SHALL COMPRISE ANY NUMBER OF MONTHS (NOT NECESSARILY 12 MONTHS) TO MAKE THE IMMEDIATELY FOLLOWING 31ST DECEMBER AS THE LAST DAY OF THAT ACCOUNTING PERIOD.

• IF DUE TO ANY UNAVOIDABLE REASON AUDITED FINANCIAL STATEMENTS FOR A COMPLETE CALENDAR YEAR CANNOT BE PLACED IN AN AGM, THE UNAUDITED FINANCIAL STATEMENTS FOR THE INCOMPLETE ACCOUNTING PERIOD (PREFERABLY ENDING ON THE LAST DAY OF THE MONTH PRIOR TO THE MONTH OF THE AGM) SHALL BE PLACED IN THAT AGM SUBJECT TO THE CONDITION THAT THE AUDITED FINANCIAL STATEMENTS OF THAT CALENDAR YEAR ALONG WITH THE SAME FOR THE NEXT CALENDAR YEAR SHALL BE PLACED IN THE IMMEDIATELY FOLLOWING AGM.

• THE EXECUTIVE COMMITTEE SHALL FROM TIME TO TIME DETERMINE WHETHER AND TO WHAT EXTENT AND AT WHAT TIMES AND PLACES AND UNDER WHAT CONDITIONS OR REGULATIONS, THE ACCOUNTS AND BOOKS OF THE BRANCH, OR ANY OF THEM, SHALL BE OPEN FOR INSPECTION OF THE MEMBERS.

AMENDMENT:

THE CONSTITUTION OF THE BRANCH MAY BE AMENDED / ALTERED, IF SITUATION SO DEMANDS, AND THE SAME SHOULD BE PASSED IN A GENERAL MEETING BY 2/3RD MAJORITY OF THE MEMBERS PRESENT.

LIQUIDATION:

IF THE BRANCH GOES INTO LIQUIDATION, ALL ITS FUNDS AND ASSETS AFTER MEETING ITS LIABILITIES, IF ANY, SHALL BE TRANSFERRED TO THE PARENT ASSOCIATION.

THE SEAL:

THE EXECUTIVE COMMITTEE SHALL PROVIDE FOR THE SAFE CUSTODY OF THE SEAL.

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