Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Establishment and incorporation of Accounting and Corporate Regulatory Authority
3. A body called the Accounting and Corporate Regulatory Authority is established, which is a body corporate with perpetual succession and is by that name capable of —(a) suing and being sued; (b) acquiring, owning, holding and developing or disposing of property, both movable and immovable; and (c) doing and suffering any other acts or things that bodies corporate may lawfully do and suffer.
Common seal
4.—(1) The Authority must have a common seal and such seal may be broken, changed, altered or made anew as the Authority thinks fit. (2) All deeds and other documents requiring the seal of the Authority must be sealed with the common seal of the Authority. (3) All instruments to which the common seal is affixed must be signed by any 2 members generally or specially authorised by the Authority for the purpose or by one member and the Chief Executive. (4) All courts, judges and persons acting judicially are to take judicial notice of the common seal of the Authority affixed to any document and presume that it was duly affixed.
Constitution of Authority
5.—(1) The Authority consists of the following members, all of whom must be appointed by the Minister:(a) a Chairperson; (b) not less than 10 but not more than 15 other members. (2) The members appointed under subsection (1)(b) are to include —(a) one public accountant to be selected by the Minister from a list of at least 2 public accountants nominated by each designated professional accountancy body; and (b) one non-practising accountant to be selected by the Minister from a list of at least 2 non‑practising accountants nominated by each designated professional accountancy body.[18/2014] (3) The Minister may appoint —(a) a member of the Authority to be its Deputy Chairperson; and (b) the Chief Executive to be a member. (4) The First Schedule has effect with respect to the Authority, its members and proceedings. (5) In subsection (2), “designated professional accountancy body” means a body specified in the Fourth Schedule.[18/2014]
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