Professional Accountants Ordinance

(1)
Without derogating from the generality of the power conferred by
section 17(1)
, the Council
may—
(a)
do anything necessary for the better carrying out of the objects of the Institute;
(aa)
fix registration and other fees, including those payable by
                    certified
                    public accountants, or a class or description of members of the Institute as may
                    be specified by the Institute, to the Institute for the
                    purpose of the contribution under
section 7A
;
(Added
22 of 1977 s. 4
. Amended
18 of 2006 s. 70
;
41 of 2021 s. 114
)
(b)
appoint such employees and agents as it deems necessary;
(c)
appoint the bankers of the Institute;
(d)
purchase, take on lease or in exchange, hire or otherwise acquire any movable or immovable property, and erect any buildings;
(e)
sell, lease, mortgage, dispose of or otherwise deal with any movable or immovable property of the Institute;
(f)
invest moneys of the Institute;
(g)
borrow moneys upon security or otherwise;
(h)
exchange information with similar bodies and with members of the profession
                    in places outside Hong Kong and arrange with such bodies for the reciprocal
                    recognition of accountants;
(Amended
31 of 1999 s. 3
)
(i)
establish and maintain branches of the Institute, whether in Hong Kong or
                    elsewhere, and delegate the powers, duties and functions of the Institute to
                    such branches;
(Amended
23 of 1998 s. 2
)
(j)
institute, conduct, defend, compound or abandon any legal proceedings by or
                    against the Institute or its officers or otherwise concerning the affairs of the
                    Institute and compound or allow time for payment or satisfaction of any debts
                    due or of any claims or demands made by or against the Institute;
(k)
refer any claim or demand by or against the Institute to arbitration and comply with any award made as a result of such arbitration;
(l)
make and give receipts, releases and other discharges for moneys payable to and for claims and demands of the Institute;
(m)
appoint committees to assist or advise the Council in the exercise of its powers and delegate to such committees such of its powers as it may from time to time determine; and
(n)
publish periodicals, booklets or other written material, and produce or sponsor the production of documentary films or other audio-visual material, and distribute the same by sale, loan, hire or otherwise, with or without charge, as the Council thinks fit.
(1A)
For the purposes of subsection
(1
)(
aa)
, the Council may, in order to
                provide for particular circumstances or cases, fix different fees for the same
                matter, service or facility.
(Added
18 of 2006 s. 70
)
(2)
A committee appointed under subsection
(1
)(
m)
may, subject to the by-laws of the Institute, include persons who are not certified public accountants.