Constitution | Indian Accounting As

CONSTITUTION (AS PER AMENDMENT IN THE 12TH ANNUAL GENERAL MEETING HELD ON 27THJANUARY, 2020)

Indian Accounting Association, Bhubaneswar Branch will act as a branch of the Indian Accounting Association (hereafter referred as the Parent Association), set up in 1970 (Vide Registration No. 429/68-69), with its head office presently located at Mohanlal Sukhadia University, Udaipur, Rajasthan.

OFFICE

The office of the branch be located at the P.G. Department of Commerce, Utkal University, Bhubaneswar, Odisha – 751 004. However, in future, the office of the Secretary may move to any other place as per his / her affiliation or convenience.

OBJECTIVES:

The objectives of the Branch shall include:

Creation and dissemination of knowledge in the field of Accounting, Finance, Management, Economics and other related disciplines.
Arranging for seminars, conferences, symposia, workshops, etc. on sustained basis at regional, national and international levels either severally or jointly with any higher educational institution including university, professional institution, corporate body, etc.
Improving the environment for research activity in the related fields.
Guidance for pursuing professional and career-oriented courses in related disciplines.
Providing guidance, consultancy, etc. to the interested institutions in formulating and imparting state-of-the-art curriculum on professional and academic courses in the related disciplines.
Taking joint initiative with corporate bodies in providing theoretical and practical training to the corporate employees on modern accounting, auditing, finance and other related areas.

MEMBERSHIP:

Eligibility: Persons from academics including Teachers, Research Scholars and Students, persons from professions including Chartered Accountants, Company Secretaries, Cost Accountants, Tax Practitioners, etc. and persons from industry and other organizations including professional managers and administrators are eligible for membership.
Categories: The members of the Branch shall be of two categories: (i) Individual Member, and (ii) Institutional Member. An individual shall pay Rs. 3,600 for Individual Life Membership Fee and Rs. 500 for Individual Annual Membership (Non-voting) Fee. Institutional Life Membership Fee and Institutional Annual Membership Fee shall be Rs. 8,000 and Rs. 2000 respectively. 75% of such membership fee shall be remitted to the Parent Association. The above-mentioned membership fees may change in future according to the change made by the Parent Association.
Voting Rights: Subject to any right or restriction for the time being attached to membership, every life member present in person shall have one vote.
Other Rights: Life members of the Branch shall be entitled to receive the copies of the Journal published by Indian Accounting Association during his/her tenure as life member.
Non-transferability of membership: The membership of the Branch and all the rights attached to it shall not be transferred to any other person. However, a member can transfer his/her membership to any other branch as per parent association’s norm.

CONSTITUTION OF EXECUTIVE COMMITTEE:

There shall be an Executive Committee to frame up guidelines for smooth and effective functioning of the Branch and to manage and supervise its functions in accomplishment of the objectives.

The composition of Office Bearers in the executive committee of the Branch shall be in line with that existing for the parent body, which comprises:

President
Advisors
Vice-President
Secretary
Joint Secretary
Treasurer

Besides electing the Office Bearers as mentioned above, the members present in the AGM will also elect members other than the Office Bearers in the executive committee of the Branch. In the AGM, a few other members, the number of which cannot be definite in a particular year, may be co-opted in the Executive Committee preferably from the absentees. The purpose of co-option shall be restricted to acknowledge the contribution of any member who has remained active earlier or taken keen interest in the Branch activities earlier, but for any reason could not make himself/herself available in the AGM. Besides, to ensure suitable representation of different districts or regions in the Executive Committee, members may have to be co-opted if there is no representation from such district or region.

The general body, in AGM, will decide the actual size of the Executive Committee. The quorum of any meeting of such Committee shall be 1/3rd of the total members. To become eligible for reconsideration of being a member of the Executive Committee in an AGM, a member other than the co-opted member should have to attend at least one meeting of Executive Committee held between the present AGM and the immediately past AGM.

POWERS AND DUTIES OF OFFICE BEARERS:

President:

To preside over all meetings of the Branch and Executive Committee and to conduct and regulate the business thereat.
To exercise casting vote in the case of a tie in the results of any vote (whether by show of hands or on poll) taking place in any meeting of the Branch and of the Executive Committee.
To act as a signatory in all the bank accounts of the Branch.

Vice-President:

To preside over all meetings of the Branch and of the Executive Committee and to conduct and regulate the business thereat in case President remains absent.
To carry on such other duties as may be assigned by the President and/or by Executive Committee from time to time.

Secretary:

To convene general body meeting and meeting of the Executive Committee with the consent of the President and make necessary arrangements for that meetings.
To decide the agenda to be transacted in the general body meeting and meeting of the Executive Committee.
To maintain all records and documents of every kind related to the activities of the Branch.
To exercise supervision over the functioning of various committees and sub-committees formed for different purposes from time to time.
To execute and sign different documents, deeds, agreements, etc. on behalf of the Branch under the Seal of the Branch provided that the matter leading to such execution is already passed in a meeting of the Executive Committee and / or in a general meeting of the Branch.
To carry out such other duties as may be assigned by the Executive Committee from time to time.
To act as a signatory in all the bank accounts of the Branch.

Joint Secretary:

To convene general meeting and meeting of the Executive Committee with the consent of the President and make arrangements for that meetings in case Secretary remains absent.
To carry out such other duties as may be assigned by the Executive Committee from time to time.

Treasurer:

To receive membership fees and other receipts on behalf of the Branch, issue money receipts of the Branch in that respect and deposit the same in the Savings Bank Account of the Branch.
To receive any asset or property on behalf of the Branch and keep it under proper custody, with prior approval of the Executive Committee.
To record all financial transactions in the books of accounts of the Branch and to preserve supporting documents/evidences in respect of all receipts and payments.
To prepare financial statements comprising Receipts and Payments Account, Income Statement and Balance Sheet of the Branch for every accounting year and get the same audited by an authorized auditor.
To place the financial statements of the Branch at the meeting of the Executive Committee for its adoption and approval and thereafter at the Annual General Meeting for its acceptance by the members of the Branch.
To prepare income and expenditure budget of the Branch.
To advise the Executive Committee for proper and prudent utilization of the funds of the Branch and to suggest for making fixed deposit with the surplus fund, if any.
To take care of all other financial matters in consultation with the Secretary and/or the Executive Committee.

MEETINGS OF THE MEMBERS:

One meeting in the name of Annual General Meeting (AGM) shall be held in each year.
The AGM of the Branch shall be convened by the Secretary by issuing at least 7 days’ clear notice to all eligible members of the Branch through e-mail or any other appropriate mode.
In the AGM of the Branch, among other business, the election of the President, Vice President, Secretary, Joint Secretary(s), Treasurer and other members to the Executive Committee of the Branch shall take place. The usual tenure of such a Committee will be till the next AGM after immediate AGM, i.e., almost of one year.
In addition to the AGM of the Branch, extraordinary general meeting(s) may be called by the Secretary, if requisition in writing is given by at least 25 members of the Branch to the Secretary. Such meeting shall be called by delivering at least 7 days’ notice to all eligible members of the Branch.
No business shall be transacted at any general meeting unless a quorum of members is present at the time when the meeting proceeds to business.
Members present in person shall form the quorum for any general meeting.
The quorum of any AGM and extraordinary general meeting shall be 1/3rd of the total number of members plus 1 (if required to make the total members present in the meeting an odd number) or 25 whichever is less.
The President of the Branch shall chair at every general meeting. In the absence of President, Vice-President shall chair the meeting. Otherwise, the members themselves shall elect the Chairperson for any meeting if the President and Vice-President remain absent and if contingency arises, taking the President’s approval beforehand.
The Chairperson may, with the consent of any meeting at which a quorum is present, and shall, if so directed by the meeting, adjourn the meeting from time to time.
No business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. No quorum is required to be maintained for the adjourned meeting.
In the case of a tie in the results of any vote, whether on show of hands or on poll, the Chairperson of the meeting shall be entitled to a second or casting vote in order to arrive at a decision or result.
Questions arising at any meeting shall be decided by a majority of votes. Any decision / resolution should be taken / adopted at the meeting on the basis of a majority of votes.

MEETINGS OF THE EXECUTIVE COMMITTEE:

The Secretary of the Executive Committee of the Branch will normally convene a meeting of the Committee at 7 days’ notice to all members of the Executive Committee with prior permission of the President. The President of the Executive Committee of the Branch may also at any time summon a meeting of the Committee with the same notice period if he thinks it necessary for any reason.
Any emergency meeting of the Executive Committee may be called by the President/Secretary at 48 hours’ notice.
The President of the Branch shall chair at every Executive Committee meeting and in the absence of President, Vice-President shall chair such meeting. If the President and Vice-President, for any emergency, could not be present in the meeting, the eldest member present shall preside over the meeting.
Any decision/resolution should be taken/adopted at the meeting on the basis of a majority of votes.
In the case of a tie in the results of any vote, whether on show of hands or on poll, the Chairperson of the meeting shall be entitled to a second or casting vote in order to arrive at a decision or result.
1/3rd of the total members in the Executive Committee plus 1 shall form the quorum for any Executive Committee meeting.
The Executive Committee may form sub-committees from amongst its members and/or other members of the Branch to conduct any business as it deems fit. The decision of such sub-committee will be implemented on its acceptance by the Executive Committee.

BANK ACCOUNT:

The Branch shall maintain a Savings Bank Account in the name of “INDIAN ACCOUNTING ASSOCIATION BHUBANESWAR BR.”.
The President and Secretary be nominated to be the accountholders (or, signatories) of the Bank accounts of the Branch as to be determined in any AGM of the Branch until changed in any next AGM. Both signatories have to put their signatures jointly for initiating any banking transaction on behalf of the Branch.
In addition to the above bank account, the Branch may open separate bank account if required for any special purpose like holding of any conference, organizing any academic programme jointly with any other organization, etc., if it is so decided by the Executive Committee meeting. The operation of such a bank account shall be decided in Executive Committee. The surplus, if any of this account is to be duly handed over to the Treasurer with an audited statement of account for subsequent deposit of the same to the branch’s principal bank account.

ACCOUNTS:

The accounting year for preparation of financial statements shall be the financial year ending on 31st March every year.
These financial statements shall have to be audited by a professional Chartered Accountant.
At every AGM an unaudited financial statement nearing the date of AGM shall preferably be presented by the Treasurer to make the general members aware of the Branch’s latest financial position. However, if the AGM is held immediately after the end of financial year, such exercise need not be carried out.
The Executive Committee shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations, the accounts and books of the Branch, or any of them, shall be open for inspection of the members.

AMENDMENT:

The Constitution of the Branch may be amended / altered, if situation so demands, and the same should be passed in a General Meeting by 2/3rd majority of the members present.

LIQUIDATION:

If the Branch goes into liquidation, all its funds and assets after meeting its liabilities, if any, shall be transferred to the Parent Association.

THE SEAL:

The Executive Committee shall provide for the safe custody of the seal.