MEMORANDUM OF ASSOCIATION
AIMS & OBJECTIVES
“The Institute of Taxation of Pakistan” (Institute) is a project of Green Educational Trust (Trust) and has been established to achieve following aims and objectives:
- To provide education in Pakistan and International taxes and to award certificates, diplomas and professional qualifications in these disciplines;
- To provide short certification courses in direct and indirect taxes to students and industry executives;
- To provide applied training and professional development courses in taxation, fiscal matters, corporate laws, finance and other business-related subjects and issues to members of the institute;
- To provide Federal and Provincial Governments consultation, suggestions, input and feedback in formulation of budgets and fiscal policies.
- To coordinate and cooperate with local and foreign institutes, universities, Bar Associations in promoting the objects of institute;
- To develop a sense of regard for discipline, better morals, integrity, academic and practical knowledge etc. among tax professionals to perform tax related services with due care, responsibility and professional ethics;
- To undertake, promote, participate in or contribute, to enhance the fiscal awareness and knowledge among people and industries relating to objects of the institute as the Governing Board may decide from time to time;
- To assist the deserving students by providing financial assistance to attain necessary qualification and training to enable them to earn their livelihood honorably. For this purposed the Institute may receive the grants and donations from governments, philanthropic citizens and businesses.
- To take any other activity of general public usefulness and welfare and in general to undertake all such activities as may be conducive to building better future for citizens of Pakistan.
- The Institute may engage in all the lawful activities and shall be authorized to take all necessary steps and actions in connection therewith and ancillary thereto.
- All the incomes, earnings, movable or immovable properties of the Institute shall be solely utilized and applied towards the promotion of its aims and objects only as set forth in the Memorandum of Association and no portion thereof shall be paid or transferred directly by way of dividends, bonus, profits or in any manner whatsoever, to the present or past members of the Institute or to any person claiming through any one or more of the present or the past members. No member of the Institute shall have any personal claim on any movable or immovable properties of the Institute or make any profit, whatsoever, by virtue of his/her membership.
- All members, office bearers and officials of the Institute shall observe and abide by the provisions of the trust deed of Green Educational Trust.
(Rules & Regulations)
CATEGORIES OF MEMBERSHIP
The Institute will have following categories of its members:
- Sponsoring members
- Fellow members
- Associate members
- Affiliate members
- Honorary members
The criteria for various categories of membership will be prescribed by the Board of Governors of the Institute (Council) in bye-laws.
- Any adult male/female can get membership of the Institute if he/she is major and sane and bears the good moral character;
- He/she will fulfill the criteria as to be prescribed by the Board from time to time to award and retain the membership of institute;
- He/she fully agrees to the objectives and the constitution of the Institute; and
- He/she pays admission fee, membership fee, subscription fee and any other fee, to be prescribed and fixed by the Board from time to time.
DISQUALIFICATION FROM MEMBERSHIP:A member shall cease to be member of the Institute in case of any of the following:
- By death.
- By resignation in writing addressed to the president.
- If he/she fails to meet membership criteria prescribed in these articles.
- If he/she fails to pay the subscription within the time prescribed by the Council.
- If he commits evil and/or immoral activities or works against the interest of the Institute.
The first Council and office bearers shall be nominated by the Trust whereas the subsequent Councils shall be elected by the members of ITP and shall also include the members to be nominated by the Trust. The number of members nominated by the Trust shall not exceed four (4).Election of the Council will be held after every four years to elect at least sixteen (16) members by the general body (Members), which will then elect in, not more than, fifteen days, following office bearers of the Institute:
- Senior Vice President
- Vice President- Executive
- Vice President- Finance
- He/She will supervise all the matters of the Institute in accordance with policies and procedures approved by the Council.
- All the meetings of the Council and executive committee will be presided over by the President.
- He/She can call or adjourn any meeting according to the situation.
- He/She can cast additional vote in case of equal votes on passing any resolution.
- He/She will be empowered to check accounts, sign accounts, books and other important papers.
- He/She can appoint or dismiss any staff member or employee of the Institute.
- All the office bearers are bound to advance full cooperation to President in running the affairs of the institute.
- To assist the President in performing his/her duties.
- To act as President in the absence of President.
- To perform all the duties/tasks assigned by the President.
- To keep the operational and legal record of the Institute in the safe custody.
- To record the minutes of the meetings of the Council and executive committee.
- To prepare the agenda of the meetings in consultation with President and to circulate.
- To manage the collection of funds, subscription and grants from the public to meet the expenses of the Institute.
- To make arrangement for annual audit of the accounts of the institute and its approval by the Council.
- To ensure the compliance of all legal and regulatory requirements by the Institute.
- To perform all the duties/tasks assigned by the President or executive body.
- To keep the accounting records of the Institute in the safe custody.
- To deposit the funds of the institute in the bank approved by executive body and ensure the operation of bank is in line with mandate and instructions of the Council.
- To prepare the financial statements as per IFRS and budget estimate of the Institute for the consideration and approval by the Council.
- To maintain all financial books of the Institute as per legal requirements.
- To receive and bank all donations, grants, fees etc. and to issue receipts to the payees.
- To perform all the duties/tasks assigned by the President or executive committee.
The president and vice president- finance shall be elected from the members of the Council nominated by the Trust.These office bearers will hold the office for a term of two years and then new office bearers will be elected for another term of two years. The retiring office bearer will be eligible for re-election in same office for maximum two consecutive terms. In case of death or resignation, the Council in its meeting will fill the vacancy within ninety days of its occurrence.
POWERS AND DUTIES OF THE OFFICE BEARERS
SENIOR VICE PRESIDENT
He/She will be responsible;
VICE PRESIDENT – EXECUTIVE
He/She will be responsible;
VICE PRESIDENT – FINANCE
He/She will be responsible;
COMMITTEES OF INSTITUTE
The institute’s affairs will be conducted through the formation of following committees by the Council and the terms of references of each committee will also be determined by the governing body:
- Executive Committee
- Examination Committee
- Board of Studies
- Technical Committee
- Nomination Committee
- Publication Committee
- Disciplinary Committee
- Any other committee as deem fit and necessary.
SOURCE OF INCOME
- Subscription Fee / Admission Fee
- Examination Fee / Tuition Fee
The bank account will be opened in the name of the Institute in any scheduled bank. The bank account will be operated and cheque will be signed by any two of the three nominated persons representing the Council as follows;
- Senior Vice President
- Any nominated member of executive committee for this purpose
The meeting of the Council and executive committee will be held as and when deems fit, or as and when exigency of the institute demands but necessarily once in a quarter.
The general meeting of the Institute will be held as and when the Council members deem fit, or as and when exigency of the Institute demands but necessarily once in a year within the period not exceeding fifteen months from the date of earlier meeting.
The meetings of all other committees of the institute will be held as per the term of references of each committee approved by the Council.
For this purpose, a prior notice of at least ten days will be issued to all concerned. The agenda will be sent to all concerned at least one week before such meeting.
A qualified auditor or a Chartered Accountant or a firm of Chartered Accountants will conduct audit of the accounts of the Institute annually.
The quorum for the Council and executive committee will be at least five and three persons respectively.
The quorum of the general body meeting will be at least 15 members of the institute.
POWER TO MAKE BYE- LAWS
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.
POWER TO ISSUE DIRECTIVES
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:
- any fees payable to the Institute by a member, student or any other person;
- the conditions under which any qualifications may be recognized;
- information requiring publication and the time duration and mode of such publication;
- the exercise of disciplinary powers by the institute over its employees, members and students;
- code of ethics for members and students; and
- any other matter necessary or conducive for the advancement of the objects of the Institute not inconsistent with anything mentioned in the Institute’s constitution, these articles and any bye-laws issued hereunder.
The amendment in the constitution will be made as and when the governing body members deem fit in the interest of the Institute by 2/3rd majority of the total number of members of the institute present in person in a meeting. This also will be in accordance with the provisions of the Green Educational Trust Deed.
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.