law: Chartered Accountants Act, 1949 
  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 fund
  
  distinguishing capital from revenue.
  (4) The annual accounts of the Council shall be subject to audit
  
  by a chartered accountant in practice to be appointed annually by the Council:
  PROVIDED  that no member of the Council 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 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 overdraft.