Page:Accountants Act 2004.pdf/24

24 be attributed to the act or omission of any particular public accountant or public accountants.

Requirements as to alteration of memorandum or articles of association

26.—(1) The memorandum and articles of association of an accounting corporation shall at all times comply with all the requirements specified in section 17(3)(a) and (c) and the rules relating thereto.

(2) An accounting corporation shall, within 30 days of the occurrence of—
 * (a) any amendment to its memorandum or articles of association;
 * (b) any change in the composition of its board of directors who are public accountants;
 * (c) any change in the proportion of its voting shares owned by corporate practitioners; or
 * (d) any change in the number of its corporate practitioners, furnish the Registrar with a true report in writing giving full particulars of the amendment or change.

(3) In addition to the requirements in subsection (2), every accounting corporation shall in every year, not later than a date specified by the Oversight Committee, send to the Registrar an annual report relating to the accounting corporation in such form as the Oversight Committee may require.

Shares of accounting corporation

27.—(1) Subject to the provisions of this Act, the voting shares in an accounting corporation shall at all times be owned by corporate practitioners in such proportions referred to in section 17(3)(c)(ii) and shall comply with the prescribed requirements.

(2) The share capital of an accounting corporation which is paid up shall at all times be not less than a sum of $50,000 or such other sum as may be prescribed.

(3) No share in an accounting corporation may be held by a person as nominee for another person and no security may be created over any share in an accounting corporation.