law: Cost and Works Accountants Act, 1959 
  18. Finances of the Council 
  (1) There shall be established a fund under
  
  the management and control of the Council into which shall be paid all moneys
  
  received by the Council and out of which shall be met all expenses and
  
  liabilities properly incurred by the Council.
  (2) The Council may invest any money for the
  
  time being standing to the credit of the fund in any government security or in
  
  any other security approved by the Central Government.
  (3) The Council shall keep proper accounts of
  
  the funds distinguishing capital from revenue.
  (4) The annual accounts of the Council shall
  
  be subject to audit by a chartered accountant in practice within the meaning of
  
  the Chartered Accountants Act, 1949 (38 of 1949), to be appointed annually by
  
  the Council:
  PROVIDED  that no member of the Council who is a
  
  chartered accountant or a person who is in partnership with such member shall
  
  be eligible for appointment as an auditor under this sub-section.
  (5) As soon as may be practicable at the end
  
  of each year, but not later than the 30th day of September of the year next
  
  following, the Council shall cause to be published in the Gazette of India a
  
  copy of the audited accounts and the Report of the Council for that year and
  
  copies of the said accounts and Report shall be forwarded to the Central
  
  Government and to all the members of the Institute.
  (6) The Council may borrow from a scheduled
  
  bank as defined in the Reserve Bank of India Act, 1934 (2 of 1934), or from the
  
  Central Government- 
  (a) any money required
  
  for meeting its liabilities on capital account on the security of the fund or
  
  on the security of any other assets for the time being belonging to it; or
  (b) for the purpose of
  
  meeting current liabilities pending the receipt of income by way of temporary
  
  loan or over-draft.