Accountants (Amendment)
[No. 18 of 1998 213
GOVERNMENT OF ZAMBIA
ACT
No. 18 of 1998
Date of Assent: 7th October, 1998
An Act to amend the Accountants Act
[12th October, 1998
ENACTED by the Parliament of Zambia.
1.
This Act may be cited as the Accountants (Amendment) Act,
1998, and shall be read as one with the Accountants Act, in this Act
referred to as the principal Act.
2.
Section two of the principal Act is amended—
(a)
by the deletion of the definition of " Chairman " and the
substitution therefor of the following definition:
" President " means the person elected President
under section
eleven;
(b)
by the deletion of the definition of" Vice-Chairman " and
the substitution therefor of the following definition:
" Vice-President " means the person elected Vice-
President under section
eleven;
(c)
by the deletion of the definition of Institute and the
substitution therefor of the following:
" Institute " means the Zambia Institute of Chartered
Accountants.
3.
Section three of the principal Act is amended by the deletion
of the words " Zambia Institute of Certified Accountants " and the
substitution therefor of the words " Zambia Institute of Chartered
Accountants".
Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka. Price K2.000.
Enactment
Short title
Cap. 390
Amendment
of section 2
Amendment
of section 3
214 No. 18 of 1998]
Accountants (Amendment)
4.
Section four of the principal Act is amended in subsection
(4) by the deletion of the words "Chairman " and " Vice-Chairman
" and the substitution therefor of " President
11 and " Vice-President "
respectively.
5. Section
seven of the principal Act is amended by the deletion
of the words " Chairman " and "Vice-Chairman " wherever they
appear and the substitution therefor of " President " and " Vice-
President " respectively.
6. The principal Act is amended by the repeal of section
ten and
the substitution therefor of the following section:
10.
For the proper management of the affairs of the
Institute, there shall be an executive committee to be called the
Council of the Zambia Institute of Chartered Accountants,
which shall consist of the following Council members:
(a)
the President and the Vice-President who shall be
elected at the annual general meeting of the Institute
under section
eleven;
(b)
two registered accountants appointed by the Minister;
and
(c)
eight registered accountants elected by members at
the annual general meeting of the Institute.
7. The principal Act is amended by the repeal of section
eleven
and the substitution therefor of the following:
11.
(1) At the annual general meeting and subject to the
provisions of the constitution, the members of the Institute
shall elect, by secret ballot, the President from amongst
themselves.
(2) A member seeking to be elected President shall—
(a)
have a clean disciplinary and professional record;
{b)
have been a member of the Institute for a continuous
period of not less than five years; and
(c)
have served on the Council for at least three years.
(3) The provisions of subsections (1) and (2) shall, with
necessary modifications, apply to the election and qualification
of the Vice-President.
(4)
The President and Vice-President shall hold office for
a period of three years from the date of their election and may
be eligible for re-election.
Amendment
of section 4
Amendment
of section 7
Repeal and
replacement
of section 10
Council of
Institute
Repeal and
replacement
of section 11
President
and Vice-
President of
Insiitute
Accountants (Amendment)
[No. 18 of 1998 215
(5)
The Vice-President shall discharge the functions of the
President whenever there is a vacancy in the office of the
President or if the President is absent for any other cause.
8.
Section sixteen of the principal Act is amended by the Amendment
deletion of subsection (2) and the substitution therefor of the
o f s e c t i o n 16
following:
(2) The Secretary shall act as Registrar for the Institute and,
subject to the general supervision of the Council, shall be the
chief executive officer of the Institute and shall be responsible
for the administration of the Institute.
9.
Section twenty-one of the principal Act is amended by the Amendment
deletion of subsection (1) and the substitution therefor of the
ofsection 21
following:
(1) A person shall be eligible to apply to be registered as a
member of the Institute if the person—
(a)
has passed the qual ify ing examination of the Institute
and has the period or experience prescribed in the
constitution; or
(b)
is a member of any of the professional accountancy
bodies or holds any other accountancy qualification
approved by a two thirds majority of a full Council
meeting; or
f
c)
holds any of the accountancy qualifications and has
the experience prescribed by the Minister in
regulations made under section
thirty-eight; and
(d)
is able to satisfy the Institute that the person is of
good character.
10.
The principal Act is amended by the repeal of section thirty- Repeal and
one
and the substitution therefor of the following: replacement
b
of
section 31
31.
The functions of the Disciplinary Committee shall be Functions of
to hear and determine—
Coi^mmeT
(a)
any complaint or allegation against a registered
accountant, any other class of accountants or
members of the Institute;
(b)
any complaint or allegation against the Institute or
any organ thereof; and
216 No. 18 of 1998]
Accountants (Amendment)
(c)
any appeal from any decision made by or on behalf
of the Institute, in accordance with the procedures
set out in the Constitution.
Amendment
11.
The Schedule to the principal Act is amended by the
of Schedule
deletion in paragraph (1) of sub-paragraph (f) and the substitution
therefor of the following:
(f)
advertises himself, his practice or services except as provided
for in the constitution or rules made by the Council under
this Act.
There is no HTML version of this Act. Please download the PDF version from the link immediately above this text.