law: Chartered Accountants Act, 1949 
  12. President and Vice-President
  (1) The Council at its first meeting shall elect two of its
  
  members to be respectively the President and the Vice-President thereof, and so
  
  often as the office of the President or the Vice-President becomes vacant the
  
  Council shall choose another person to be the President or the Vice-President,
  
  as the case may be:
  PROVIDED  that on the first constitution of the Council
  
  a member of the Council nominated in this behalf by the Central Government
  
  shall discharge the functions of the President, until such time as a President
  
  is elected under, the provisions of the sub-section.
  (2) The President shall be the Chief Executive Authority of the
  
  Council.
  (3) The President or the Vice-President shall hold office for a
  
  period of one year from the date on which he is chosen but so as not to extend
  
  beyond his term of office as a member of the Council, and, subject to his being
  
  a member of the Council at the relevant time, he shall be eligible for
  
  re-election.
  (4) On the expiration of the duration of the Council, the
  
  President of the Council at the time of such expiration shall continue to hold
  
  office and discharge such administrative and the other duties as may be
  
  prescribed until such time as a new President shall have been elected and shall
  
  have taken over charge of his duties.