s 15 Amendment of section 153
Section 153 of the principal Act is amended— (a) by substituting for the words “in paragraph 15 of Schedule 5” the words “in this section” in subsection (1); (b) by inserting after subsection (2) the following new subsections (3), (4), (5), (6) and (7): “(3) For the purposes of this Act— “accountant” means— (a) a professional accountant authorized by or under any written law to be an auditor of companies; (b) any other professional accountant approved by the Minister; or (c) any other person approved by the Minister on the recommendation of the Director General. (4) An application for an approval under paragraph (3)(b) or (c) or for a renewal of such approval shall be made to the Minister. (5) A fee as may be prescribed by the Minister by an order published in the Gazette shall be paid on the application for an approval or renewal of an approval under subsection (4). (6) An approval or renewal of an approval under this section shall be valid for a period of twenty-four months beginning from the date of such approval or renewal. (7) An approval granted by the Minister before 24 October 1986 shall lapse on 31 December 1987 unless a renewal of such approval is obtained under this section by that date.”.