3.

The Institute and its powers.

(1) There is hereby established a body called "Malaysian Institute of Accountants" which shall be a body corporate with perpetual succession and a common seal, and with power, subject to this Act, to sue and to be sued in its own name, to enter into contracts, to acquire, purchase, take, hold and enjoy movable and immovable property of every description, and to convey, assign, surrender, charge, mortgage, reassign, transfer or dispose of or otherwise deal with, any movable or immovable property or any interest therein.

(2) Without prejudice to the generality of subsection (1), the Institute shall have power to do all acts as are necessary for the purposes of the Institute and in particular -

(a)

to purchase or lease any lands required for any of the purposes of the Institute;

(b)

to take up and subscribe for or otherwise acquire shares in any company, if membership of the company is essential or advantageous to the Institute in connection with the acquiring and holding of any lease or tenancy from the company of land required for any of the purposes of the Institute;

(c)

except in the case of leases from month to month, to sell, surrender, lease, exchange or mortgage any land or building vested in it in such manner as may be found most convenient or advantageous;

(d)

to borrow money whether by way of bank overdraft or otherwise for such of the purposes of the Institute as the Council may from time to time consider desirable; and

(e)

to guarantee any contract with any company from which the Institute holds or intends to hold any lease or tenancy in accordance with paragraph (b) and any other contract in which the Institute may have a financial interest and to which it may lawfully be a party in accordance with this section.

4.

Members of the Institute.

The Institute shall consist of such persons as are for the time being registered as members.

5.

Office of the Institute.

The Institute shall at all times keep and maintain an office and the address of the office and any change thereof shall be published by the Registrar in the Gazette.

6.

Functions of the Institute.

The functions of the Institute shall be -

(a)

to determine the qualifications of persons for admission as members;

(b)

to provide for the training and education by the Institute or any other body, of persons practising or intending to practise the profession of accountancy;

(ba)

to approve the Malaysian Institute of Accountants Qualifying Examination and to regulate and supervise the conduct of that Examination;

(c)

to regulate the practice of the profession of accountancy in Malaysia;

(d)

to promote, in any manner it thinks fit, the interests of the profession of accountancy in Malaysia;

(e)

to render pecuniary or other assistance to members or their dependants as it thinks fit with a view to protecting or promoting the welfare of members; and

(f)

generally to do such acts as it thinks fit for the purpose of achieving any of the aforesaid objects.

7.

Rules of the Institute.

(1)

The Institute may at any general meeting make such rules as may be necessary or expedient for giving effect to this Act and for the due administration thereof and such rules may provide for any of the following matters:

(a)

the regulation of the practice of the profession of accountancy in Malaysia;

(b)

the admission of members, the fees payable by members on admission and the manner in which a person shall cease to be a member;

(c)

the qualifications of persons for admission as members;

(d)

the training or education of candidates for admission as members and the fees payable therefor;

(e)

the practical experience required for registration as chartered accountants and the authority of the Council or any Committee thereof to approve places of employment in which the practical experience may be obtained;

(f)

the classification from time to time of members;

(g)

the election, appointment, resignation and removal of members of the Council;

(h)

subject to section 8(2), the election, appointment, resignation and removal of the President and the Vice-President of the Institute;

(i)

subject to section 31, the holding of the meetings of the Council and of the Institute;

(j)

subject to section 31, the manner of voting at any meeting of the Council or of the Institute;

(k)

the procedure of the Investigation Committee and the Disciplinary Committee and the procedure relating to any complaint to any such Committee;

(ka)

the procedure of the Disciplinary Appeal Board;

(l)

the publication in the Gazette, newspapers and elsewhere of proceedings and findings of the Disciplinary Committee and the Disciplinary Appeal Board;

(m)

the use and custody of the common seal of the Institute;

(n)

the custody, investment and expenditure of the funds and property of the Institute;

(o)

the regulation and administration of the Institute in all matters within its powers;

(p)

the provision relating to admission of associate members, and conferring of privileges on such members as the Institute may think proper, not inconsistent with this Act;

(pa)

the approval, regulation and supervision of the Malaysian Institute of Accountants Qualifying Examination;

(q)

such other matters as are required to be prescribed.

(2)

Rules made under subsection (1) shall require the approval of the Minister and shall be published in the Gazette.