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Rh :(c) where applicable, a sum equal to two and a half times the gross income of the accounting corporation in the last completed financial year of the accounting corporation subject to a maximum sum of $50 million.

(2) The Authority may, by rules, vary the amount of coverage under a professional indemnity insurance required by subsection (1).

Management of accounting corporation

29.—(1) Only members of an accounting corporation may be appointed as directors of the accounting corporation.

(2) The business of an accounting corporation, so far as it relates to the provision of public accountancy services, shall be under the control and management of one or more directors who are public accountants.

(3) Where, for any reason, the office of director required to be held by a public accountant under section 17(3)(c)(i) is vacated, the accounting corporation shall, as soon as practicable but no later than one month after the date of vacation of office, appoint another public accountant to fill the vacancy.

(4) The directors of an accounting corporation shall ensure that every invoice or official correspondence of the accounting corporation bears the statement that it is incorporated with limited liability.

Application of Companies Act and other written laws to accounting corporations

30.—(1) Nothing in this Part, with the exception of section 19(2), shall affect the operation of the Companies Act (Cap. 50) in relation to its application to a company that is an accounting corporation.

(2) An accounting corporation shall, notwithstanding that the shares in the accounting corporation are held by more than 20 members, be deemed to be an exempt private company for the purposes of the Companies Act.

(3) An accounting corporation shall not be treated for the purposes of the Companies Act as a public company merely because it has more than 50 members.

(4) Such provisions of any written law having effect in relation to public accountants or accounting firms as may be prescribed, shall have effect in relation to accounting corporations with such prescribed modifications as