Section 29D of The Cost Accountants Act, 1959
1[29D. Terms and conditions of service of Chairperson and members of Board and its expenditure.--(1) The terms and conditions of service of the Chairperson and the members of the Board, and their allowances shall be such as may be specified.
- (2)The expenditure of the Board shall be borne by the Council.]
Summary
- The terms of service, working conditions, and financial allowances of the Chairperson and members of the Quality Review Board are specified by Central Government rules.
- All expenditures and operational costs of the Quality Review Board must be paid for by the Council of the Institute.
- The Board is not required to be self-funding or raise its own revenue, as the Council bears the entire financial burden.
Practical examples
FAQ
1. Does the Council of the Institute have the power to reduce the allowances of the Board members to save money?
No, the Council cannot reduce the allowances because they are specified by the Central Government rules. The Council is simply obligated to pay them.
2. What types of expenditures are covered under Section 29D?
All operational expenditures of the Board are covered, including member allowances, staff salaries, administrative costs, and meeting room rentals.
Test yourself
Q1.Under Section 29D of The Cost Accountants Act, 1959, which body is legally responsible for paying the expenses of the Quality Review Board?
Q2.Under Section 29D of The Cost Accountants Act, 1959, who has the authority to set the terms, conditions of service, and allowances of the Chairperson of the Board?
Q3.Under Section 18 and Section 29D of The Cost Accountants Act, 1959, how are the Quality Review Board's expenses funded?
Q4.Under Section 29D of The Cost Accountants Act, 1959, what would be the legal effect if the Council of the Institute attempted to set a cap on the total annual expenditure of the Quality Review Board without Central Government approval?