| PART I | |
| 1. | President of Institute. | |
| | The President of the Institute shall be the Chairman of the Council and shall preside at all its meetings. In the absence of the President of the Institute at any meeting of the Council, the Vice President of the Institute shall preside and in the absence of the President and the Vice President of the Institute at any such meeting the Council shall elect a Chairman from amongst its members. | |
| 2. | First elected members. | |
| (1) | Notwithstanding section 8, the first seven members referred to in subsection (1) (b) of that section shall be appointed by the Minister from amongst persons who would be eligible for registration as public accountants and shall hold office from the dates of their appointments until the first general meeting of the Institute when their places shall be filled by public accountants elected by the members of the Institute in accordance with the rules: | |
| | Provided that any such retiring member of the first Council shall be eligible for re-election if he is registered as a public accountant. | |
| (2) | Notwithstanding section 8, the first seven members referred to in subsection (1) (c) of that section shall be appointed by the Minister from amongst persons who would be eligible for registration as registered accountants and shall hold office from the dates of their appointments until the first general meeting of the Institute when their places shall be filled by registered accountants elected by the members of the Institute in accordance with the rules: | |
| | Provided that any such retiring member of the first Council shall be eligible for re-election if he is registered as a registered accountant. | |
| (3) | At each subsequent annual general meeting three elected members of the Council from each group referred to in section 8 (1) (b) or (c) who have been longest in office shall retire and their places shall be filled by public accountants and registered accountants respectively elected in accordance with the rules : | |
| | Provided always that retiring members of the Council shall be eligible for re-election if they are not otherwise disqualified from holding office in the Council. | |
| (4) | The members of the first elected Council should ballot within each group to decide who should be the first three retiring members in that group. The procedure of balloting shall also be used on other occasions when it is necessary to determine which of the members should retire pursuant to sub-paragraph (3). | |
| 2A. | Interim elected members. | [Ins. Act A1099] |
| (1) | Notwithstanding section 8, on the appointed date, the first ten members of the Council referred to in section 8(1)(g) shall be appointed by the Minister and shall hold office until the first annual general meeting of the Institute after the appointed date, after which their places shall be filled by members of the Institute elected in accordance with that section. | |
| (2) | For the purpose of paragraph (1), "appointed date" means the date on which this paragraph comes into operation. | |
| 2B. | Rotation of elected members. | [Ins. Act A1099] |
| (1) | Notwithstanding paragraph 2A, once all members of the Council referred to in section 8(1)(g) are fully elected members, the rotation of the elected members shall be on the following basis: | |
| | (a) | at the second and third annual general meetings, the elected members of the Council shall ballot or volunteer to determine the three members of the Council who shall retire; and | |
| | (b) | at each subsequent annual general meeting thereafter, three elected members of the Council who have been longest in office shall retire and their places shall be filled by members elected in accordance with section 8(1)(g). | |
| (2) | For the purpose of subparagraph (1)(b), retiring elected members of the Council shall be eligible for re-election if they are not otherwise disqualified from holding office in the Council. | |
| 3. | When members of the Council to vacate office. | |
| | A member of the Council shall vacate his office if- | |
| | (a) | he resigns his office; | |
| | (b) | he is absent from three consecutive meetings of the Council without its consent; | |
| | (c) | he becomes bankrupt or insolvent or enters into a composition with any creditor or takes or attempts to take the benefit of the provisions of any written law to liquidate his assets or affairs; | |
| | (d) | he becomes of unsound mind; | |
| | (e) | his subscription has been overdue for six months; | [Am. Act A1099] |
| | (f) | he ceases to be qualified to hold office; or | [Am. Act A1099] |
| | (g) | he is an appointed Council member under section 8(2) and his appointment is revoked. | [Ins. Act A1099] |
| 4. | Vacancies. | |
| | Any vacancy arising among- | [Subs. Act A1099] |
| | (a) | the appointed members of the Council under section 8 (1)(b), (d), (e) and (f) shall be filled by new appointments to be made by the Minister; or | |
| | (b) | the elected members of the Council under section 8(l)(g) may be filled by the Council and any such new Council member shall hold office until the next annual general meeting. | |
| 5. | Meetings of the Council. | |
| (1) | The Council shall meet at least once in every quarter of each calendar year at such time and place as it may determine. | |
| (2) | Seven members personally present at any meeting of the Council shall constitute a quorum. | [Am. Act A1099] |
| (3) | A decision of the majority of the members of the Council present and voting at any meeting of the Council shall be deemed to be a decision of the Council. | |
| (4) | The Chairman at any meeting of the Council shall have an original as well as a casting vote. | |
| (5) | Subject to any rules, the Council may regulate its own procedure. | |
| 6. | Council Members not to be remunerated. | |
| | No remuneration shall be paid to any member for holding office. | |
| 7. | Financial year. | |
| | The financial year of the Institute shall end on 30th June. | |
| 8. | General meetings. | |
| (1) | General meetings of the Institute may be held as often as the Council deems necessary, but the Council shall in any case convene an annual general meeting, to be held in Malaysia, within three months after the end of the financial year: | |
| | Provided that the Council shall not be required to convene the first annual general meeting of the Institute in its inaugural year. | |
| (2) | The Council shall hold a general meeting of the Institute within six weeks of the receipt of a written request to do so, specifying the objects of the meeting, signed by not less than twenty-five members entitled to vote. | |
| (3) | The procedure at general meetings and the service of notices shall be in accordance with the rules. | |