Revised Laws of Saint Lucia (2023)

PART II
ESTABLISHMENT AND PURPOSES OF THE INSTITUTE

3.   Establishment of Institute

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   (1)   There is hereby established an institute to be known as the Institute of Chartered Accountants of the Eastern Caribbean.

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   (2)   The establishment of the Institute shall take effect in accordance with the provisions of article 32 of this Agreement.

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   (3)   The Institute may sue and be sued in its corporate name in all courts of justice in any member state and shall have perpetual succession.

4.   Objects of the Institute

The objects of the Institute are—

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   (a)     to promote, foster and maintain the highest standards of accounting in public practice, the public service and the commercial and industrial spheres;

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   (b)     to promote and increase the knowledge, skill and proficiency of its members and students of accountancy;

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   (c)     to provide facilities for the study of accountancy and make provision for the examinations of persons pursuing courses in accountancy;

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   (d)     to subscribe to and join and associate with any body or professional organisation in any member state or elsewhere whose objects are similar or not inconsistent with those of the Institute, to further the interests of the profession;

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   (e)     to set up and promote student associations to improve the knowledge and social relations of students of the Institute;

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   (f)     to safeguard and enhance the professional standing, interest and reputation of its members employed in the spheres specified in paragraph (a);

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   (g)     to regulate the etiquette, ethics, discipline, professional conduct and standards of its members and students of accountancy;

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   (h)     to express its views to the Government, public authorities, other professional organisations, business organisations, trade unions, charitable organisations, commissions of enquiry and similar bodies in any member state regarding matters affecting its members, students of accountancy and the profession;

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   (i)     to advise and assist the University of the West Indies, the Government, other professional organisations, statutory bodies, business organizations, trade unions and charitable or other corporate bodies of any member state upon any question within the province of the accounting profession;

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   (j)     to provide opportunities for discussion and exchange of views among its members and students whether or not such members are engaged in actual practice;

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   (k)     to encourage and assist in providing increased facilities for the study of accountancy and related subjects and co-operate with bodies that are in pursuit of those objects;

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   (l)     to assist persons in the member states in their preparation for external professional accounting examinations by acting as a broker of material on behalf of external institutions providing such examinations and to provide tutorials;

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   (m)     to conduct directly, through other agencies or in conjunction with other agencies, courses of study in all aspects of the accounting profession;

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   (n)     to promote and protect the welfare and interests of the Institute and the accounting profession in the member states; and

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   (o)     to do anything that is necessary or incidental to the carrying out of the objects specified in paragraphs (a) to (n) or as the Institute may think conducive to the attainment of those objects or any of them.

5.   Power to make Rules

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   (1)   For the attainment of its objects the Institute may make Rules for carrying into effect any provision of this Agreement or for the proper conduct of its proceedings and in particular for—

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      (a)     prescribing the requirements for admission, resignation and removal of its members;

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      (b)     prescribing the annual subscription and other fees to be paid by members or students;

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      (c)     prescribing the constitution of the Council and the election or appointment of members of the Council and their tenure of office;

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      (d)     the election, appointment, resignation and removal of officers of the Institute and the mode of voting;

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      (e)     regulating the holding of meetings of the Council and of members of the Institute;

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      (f)     the receipt, management, investment and expenditure of the monies and property of the Institute;

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      (g)     regulating the qualifications for admission, the education, training, including if the Institute thinks fit, service under articles, and the examinations to be undergone by a person seeking to be admitted to membership and to be registered under this Agreement;

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      (h)     regulating the admission of new members to the Institute and determining which of its members may engage in public practice;

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      (o)     regulating the qualifications and duties of a person undertaking the education and training of the person referred to in paragraph (g), and in particular, but without prejudice to the generality of the foregoing, the conduct, duties and responsibilities towards one another of the person undertaking or undergoing education and training, including the discharge of articles and the termination of training;

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      (j)     prescribing requirements for holding of practicing certificates;

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      (k)     providing for the exercise of disciplinary authority over members and students of the Institute by expulsion, suspension or the imposition of any fine or any other penalty, after due enquiry;

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      (l)     regulating and monitoring members through peer review and/or monitoring units for compliance with professional standards in the conduct of public practice and related activities;

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      (m)     providing standards of professional conduct for members and students of the Institute;

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      (n)     prescribing accounting standards to be adopted by members;

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      (o)     providing for affiliation with any university or college or with any corporation or association having similar or related objects; and

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      (p)     the use of designation and initials by members of the Institute.

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   (2)   No such Rules or any amendment thereto shall take effect until it has been approved by the Institute in general meeting by resolution passed by not less than ^⅔ of the members entitled to vote on such resolution: Provided that not less than 21 clear days notice shall have been given of the general meeting.

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   (3)   Rules made under sub-article (1) shall be published by the Institute for the information of its members in such manner as the Council may determine.

6.   Powers of the Institute

In pursuance of its objects the Institute shall have power to—

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   (a)     seek and establish formal affiliation or associate with other regional and international institutions of a similar nature;

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   (b)     facilitate consideration and discussions on matters of interest to accountants and students of accountancy;

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   (c)     afford opportunities to its members and students for the acquisition of advanced knowledge in the theory, practice and developments in accountancy;

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   (d)     establish and maintain an acceptable standard of professional conduct by members and students of accountancy and where necessary to exercise disciplinary powers over them;

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   (e)     develop and award independently or in conjunction with other local and/or international agencies, appropriate recognised certification to persons who have successfully completed the courses of study, conducted by the Institute or under its sponsorship;

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   (f)     hold examinations, establish chairs, organise lectures and grant prizes and scholarships and by other means promote and advance the study of matters relevant to the objects of the Institute;

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   (g)     receive fees from members and organisations and contributions, grants, donations and gifts from any source for the attainment of the objects of the Institute;

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   (h)     hold conferences and meetings and provide for the reading of papers and delivery of lectures;

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   (i)     prepare and publish or superintend the publication of journals, books, pamphlets, papers and recorded material such as cassette tapes or video tapes and utilise any other means of communication, including computer storage;

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   (j)     provide a school or schools, lecture, class or examination room or rooms, office(s) and all other necessaries and conveniences for or to students, teachers, lecturers, clerks, employees and officers instructed or employed temporarily or otherwise by the Institute and to afford them facilities for study, research, teaching and performance of the tasks and duties allotted to them respectively;

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   (k)     purchase, lease, rent, hold and dispose of any land and premises for use as halls, libraries, colleges, lecture rooms and offices or for any other purpose of the Institute and to acquire or obtain by licence, any rights or privileges necessary for the promotion of the objects of the Institute;

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   (l)     make grants to universities or other educational establishments for the promotion of the study of subjects relevant to the objects of the Institute;

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   (m)     take any measures which may be desirable to further the interests in accounting in the member states;

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   (n)     to erect on land held by it, or acquire, buildings (whether or not necessary for the use and occupation of the Institute or for carrying on its objects) and lease any part of such buildings;

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   (o)     to hold, hypothecate, mortgage, charge, lease, dispose of, exchange, sell, alienate or convey any property, whether movable or immovable;

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   (p)     to borrow money upon the credit of the Institute, issue bonds, debentures, debenture stock or other securities and pledge or sell such bonds, debenture stock or other securities for the purpose of the Institute in such manner and on such terms as the Institute shall think fit;

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   (q)     to take any gift of property, whether subject to any special trust or not, for any one or more of the objects of the Institute;

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   (r)     to invest any surplus funds in such securities as may be prescribed;

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   (s)     to accept surrenders or reconveyances and to enter into all contracts; and

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   (t)     to do all things reasonably necessary to carry out the objects of the Institute.

7.   Place of office and establishment of branches

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   (1)   The Institute shall have its principal office in one of the member states as the Council may by majority vote determine.

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   (2)   The Institute may establish branches or agencies and may appoint agents and correspondents in any member state and elsewhere.

8.   Custody and use of common seal

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   (1)   Subject to article 9, the Institute shall have a common seal and from time to time may change, alter or renew the said seal as the Institute may deem fit.

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   (2)   The Council shall provide for the safe custody of the common seal of the Institute.

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   (3)   The common seal of the Institute shall be affixed to instruments pursuant to a resolution of the Council and by and in the presence of—

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      (a)     the President or, in his absence, the Vice-President; and

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      (b)     one other Council member or the Secretary.

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   (4)   Subject to article 9, all documents made by the Institute other than those required by law to be under seal and all decisions of the Institute may be signified under the hand of the President, the Vice-President or the Secretary.

9.   Official seal

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   (1)   The Institute shall have an official seal, which shall be a facsimile of its common seal, for use in any member state other than where the principal office of the Institute is situated, with the addition on its face of the name of the member state where it is to be used.

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   (2)   The official seal when duly affixed to a document has the same effect as the common seal of the Institute.

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   (3)   The Institute may by writing under its common seal, authorise any person appointed for the purpose in a member state to affix the official seal to any deed or other document to which the Institute is a party in that member state.

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   (4)   The person affixing the official seal shall certify in writing the date on which and the place at which it is affixed.

10.   Address and service of documents

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   (1)   The Institute shall at all times have a fixed address for the service of documents on the Institute in each of the member states and that address and the address of branches or agencies of the Institute shall be registered with the Registrar of Companies in that member state.

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   (2)   All documents to be served on the Institute may be served by leaving the same at or by sending the same by registered post to the address of the Institute registered under sub-article 1 or by sending the same by telex or electronic mail to the correct telex or electronic mail number to the said address.