“The Institute of Taxation ” (Institute) has been established to achieve following aims and objectives:
In order to achieve its objective the company (Institute) shall exercise following powers:
To open and operate bank accounts in the name of the company and to draw, make, accept, endorse, execute and issue promissory notes, bills, cheques and other instruments.
To conduct, hold and arrange symposia, seminars, conferences, lectures, workshops and dialogue and to print, publish and prepare journals, magazines, books, circulars, reports, catalogues and other works relating to any of the objects of or to the work done by the company, subject to the permission, if required of the relevant authorities.
To do all other such lawful acts and things as are incidental or conducive to the attainment of the above objects or any one of them.
(Rules & Regulations)
The membership related clauses of the AOA are as follows:
The number of members with which the company proposes to be registered is seven (07), but the minimum number of members shall not be, at any time, less than three (03). However, the directors may, from time to time, whenever the company or the business of the company requires, increase the number of members.
The company in general meeting may from time to time lay down the qualifications and conditions subject to which any person or class of persons shall be admitted to membership of the company.
The rights and privileges of a member shall not be transferable and shall cease on his death or otherwise ceasing to be a member.
The subscribers to the memorandum and such other persons as the directors shall admit to membership shall be members of the company.
One person shall have the right to hold one membership.
The application for seeking membership of the company shall be required to be seconded by an existing member whereupon the board of directors shall decide the matter of his admission as member or otherwise within ninety days of making of such application. No minor or lunatic shall be admitted as a member of the company.
Every person, upon applying for admission to membership, shall sign an undertaking that he will, if admitted, so long as he is a member, duly observe the Articles of the company for the time being in force.
The board shall subject to the Articles, accept or reject any application for admission to membership. The board’s decision shall be final and it shall not be liable to give any reasons thereof.
A member renders himself liable to expulsion or suspension by the board if:
(a) he refuses or neglects to give effect to any decision of the board; or
(b) he infringes any of the regulations of the articles; or
(c) he is declared by a court of competent jurisdiction to have committed a fraud, or to be bankrupt, or to be insane or otherwise incompetent; or
(d) he is held by the Committee of the company to have been guilty of any act discreditable to a member of the company; or
(e) he is acting or is threatening to act in a manner prejudicial to the objects, interest or functioning of the company or any other institute, body corporate, society, association or institution in which the company has an interest.
The company in general meeting may, on an appeal of the aggrieved member and after giving an opportunity of hearing, annul or modify the decision of the board with regard to expulsion of the member by resolution supported by two-thirds majority. The person expelled shall be reinstated as a member from the date of the resolution of the general meeting annulling the decision of the board.
Termination of membership shall occur automatically:
(a) in the event of the death of a member; and
(b) in the event a member fails to pay any amount due by him to the company within three (3) months after such obligation has become due.
The funds of the company (Institute) shall be applied in defraying the expenses and shall be applicable in or towards the acquisition by purchase, lease or otherwise and furnishing and maintenance of suitable premises and assets for the use of the company (Institute) and shall be subject to the general control and direction of the board.
No person, except persons duly authorized by the board and acting within the limits of the authority as conferred, shall have authority to sign any cheque or to enter into any contract so as thereby to impose any liability on the company (Institute) or to pledge the assets of the company (Institute).
The sources of finance are as follows:
Auditors shall be appointed and their duties regulated in accordance with Sections 246 to 249 of the Act.
The directors shall, as required by section 223 of the Act, cause to be prepared and to be laid before the company (Institute) in annual general meeting such financial statements duly audited and reports of the auditors and the directors as are required under the Act.
The Council may make bye-laws not inconsistent with the Institute’s constitution and these articles to smoothly conduct the affairs of the Institute, and a copy of such bye-laws shall be made available to the members of the institute for comments before their finalisation.
The Council may issue directives not inconsistent with the Institute’s constitution, these articles and the bye-laws issued thereunder and a copy of such directives shall be sent to each member.
In particular, and without prejudice to the generality of the foregoing, such directives may provide for all or any of the following matters:
If unfortunately, the Institute is to be dissolved, its assets and liabilities would be transferred to Green Educational Trust, the aims and objects of which are duly approved under the Trust Act, 1882.