This is an official version.

Copyright 2000: Queens Printer,
St. John's, Newfoundland and Labrador, Canada

Important Information
(Includes details about the availability of printed and electronic versions of the Statutes.)

Revised Statutes of Newfoundland 1990


CHAPTER M-1

AN ACT RESPECTING THE SOCIETY OF MANAGEMENT ACCOUNTANTS

1977 c9 s1

Analysis

1. Short title

2. Society continued

3. Objects

4. Membership

5. Record and register

6. Benevolent fund

7. Power to deal with property

8. Society to be administered by council

9. Annual general meeting

10. Officers

11. By-laws

12. Members may use certain designations

13. Limited liability

14. Non-applicability of Act

15. Use of profit

16. Member interest in funds stops

17. No action against society in certain cases

18. Disposition of assets on dissolution


Short title

1. This Act may be cited as the Management Accountants Act.

1977 c9 s2

Back to Top

Society continued

2. "The Society of Management Accountants of Newfoundland", in this Act referred to as the "society", is continued as a corporation.

RSN1970 c166 s2; 1977 c9 s3

Back to Top

Objects

3. The general objects of the society are

(a) to provide an organization for accountants interested in the following aspects of business and government

(i) the preparation and interpretation of financial statements and reports for use by management,

(ii) the planning and controlling of the operations, and

(iii) the formulation of policy;

(b) to promote and increase the knowledge, skill and proficiency of its members in all things relating to management accounting; and

(c) to promote and foster in business, government and the public a greater awareness of the importance of management accounting.

1978 c62 s1

Back to Top

Membership

4. (1) The members of the society shall be classified as general members, student members and registered or certified members, with other classifications of members that may be authorized by its by-laws.

(2) General membership shall be available to anyone 16 years of age or over who is engaged or interested in cost or industrial accounting or business organization and management.

(3) Student membership shall be available to all persons following a recognized course in accounting, cost accounting or business organization and management leading to the society's examinations and shall be tenable for a period that may be laid down by the by-laws of the society.

(4) Registered or certified members shall consist of those students or general members who pass examinations of the society as prescribed under subsection 11(1) and otherwise fulfil the requirements of its by-laws.

RSN1970 c166 s6; 1985 c22 s1

Back to Top

Record and register

5. (1) A record shall be kept at the head office of the society containing the names of all general members and of all student members.

(2) A record shall be kept at the head office in which shall be registered the names and addresses of all registered and certified members.

(3) The record and register shall be open for inspection by the public at reasonable times.

RSN1970 c166 s7; 1985 c22 s2

Back to Top

Benevolent fund

6. Notwithstanding section 15, the society may establish and administer a benevolent fund for a member or the family of a deceased member of the society who may require financial assistance, and for that purpose may make or receive contributions.

RSN1970 c166 s8

Back to Top

Power to deal with property

7. The society may acquire, purchase, sell, mortgage, lease or otherwise deal with real and personal property.

RSN1970 c166 s9

Back to Top

Society to be administered by council

8. (1) The affairs and business of the society shall be administered by a council of at least 8 registered or certified members, 5 of whom shall constitute a quorum, who shall hold office for a term of 1 year and until their successors are elected and a member of the council may be re-elected.

(2) When a vacancy occurs in the council, the remaining members of the council may appoint a registered or certified member of the society to fill the vacancy until the next annual meeting of the society, and a majority of those members shall constitute a quorum for that purpose.

RSN1970 c166 s10; 1985 c22 s3

Back to Top

Annual general meeting

9. An annual general meeting of the members of the society shall be held annually at a time and place and upon notice that is provided by the by-laws of the society for the purpose of electing the council and for other business that may be brought before the meeting, and special general meetings of the members may also be called and held in accordance with the by-laws of the society.

RSN1970 c166 s11

Back to Top

Officers

10. The council shall elect from its members a president, a 1st vice-president and a 2nd vice-president, and may appoint a secretary and a treasurer or a secretary-treasurer, a registrar and other officers and employees that may be provided for in the by-laws of the society.

RSN1970 c166 s12

Back to Top

By-laws

11. (1) The council may pass by-laws and amend them for the following purposes

(a) to prescribe courses of study and matters, conditions and requirements respecting examinations for admission as registered or certified members and the certificates to be granted to them;

(b) to establish and to collaborate with educational institutions in establishing lectures, classes and examinations for members of the society in cost and industrial accounting, business management and organization;

(c) to authorize agreements between the society and a university, college or school for those lectures, classes and examinations;

(d) to prescribe the rights and obligations of its various classes of membership;

(e) to regulate the admission, qualification, conduct, suspension and expulsion of the members of the society;

(f) to fix the admission and annual fees to be paid by the members and also the examination fees to be paid by applicants for the society's examinations;

(g) to provide for the appointment, functions, duties, remuneration and removal of officers and employees of the society;

(h) to establish chapters of the society within the province and to enroll members of the society;

(i) to affiliate with other bodies, corporate or unincorporate, having objects similar to those of the society;

(j) to govern the election of members of the council;

(k) to regulate the calling and holding of meetings of the members of the society and of its council and the procedure at those meetings; and

(l) generally, to carry out the purposes of this Act.

(2) The by-laws and amendments made under subsection (1) shall not come into force until approved by an annual general meeting of the society or at a special general meeting called for the purpose of considering them.

(3) A by-law made under subsection (1) shall come into effect only upon being approved by the Lieutenant-Governor in Council.

(4) The secretary of the society shall send a copy of every by-law to the Minister of Justice within 1 week after the passing of the by-laws.

RSN1970 c166 s13; 1981 c4 Sch C; 1984 c41 Sch C; 1985 c22 s4; 1989 c19 Sch B

Back to Top

Members may use certain designations

12. (1) A registered or certified member of the society shall have the right to use the designation

(a) "Registered Industrial Accountant"; or

(b) "Certified Management Accountant",

as shall be determined by the society in general meeting and shall have the right to use after his or her name the initials

(c) "R.I.A."; or

(d) "C.M.A."

as shall be determined by the society in general meeting, indicating that the member is a registered or certified member of the society.

(2) A registered or certified member shall not engage in practice as an auditor or hold himself or herself out to the public as an auditor or use the name "Registered Industrial Accountant" or "Certified Management Accountant" or the designation "R.I.A." or "C.M.A." unless as a member of an accounting society the member is authorized by statute to practice auditing, and in that case the member may use the name "Registered Industrial Accountant" or "Certified Management Accountant" or the designation "R.I.A." or "C.M.A.", in accordance with subsection (1), following the name or designation of the society under which the member is authorized by statute to practise auditing.

(3) A person not being a registered or certified member in good standing who takes or uses the designation "Registered Industrial Accountant" or "Certified Management Accountant" or the letters "R.I.A." or "C.M.A." or a name, title or description implying that the person is a registered or certified member of the society is guilty of an offence.

(4) A person who is guilty of an offence under this section is liable on summary conviction to a fine not exceeding $500 for each offence.

1985 c22 s5

Back to Top

Limited liability

13. A member of the society shall not be personally liable for a debt of the society beyond the amount of his or her unpaid fees or subscriptions, provided that member has not contravened this Act, but all property of the society, whether real, personal or mixed, shall be liable for the payments of debts of the society.

RSN1970 c166 s15

Back to Top

Non-applicability of Act

14. This Act shall not affect or interfere with the right of a person to carry on business in the province as a cost accountant, industrial accountant or to so designate himself or herself.

RSN1970 c166 s16

Back to Top

Use of profit

15. Profits derived from carrying on the affairs and business of the society shall be devoted to and applied solely in the promoting and carrying out of its objects and purposes and shall not be divided among its members.

RSN1970 c166 s17

Back to Top

Member interest in funds stops

16. An interest in or a claim against the funds and property of the society of a member shall stop and determine upon the death of that member, and shall also stop and determine upon a member during his or her lifetime ceasing to be a member of the society.

RSN1970 c166 s18

Back to Top

No action against society in certain cases

17. An action shall not lie against the society or the council or a disciplinary body or committee or a member of the council or disciplinary body or committee or an officer of the society for proceedings taken in good faith or orders made or enforced under the disciplinary provisions of this Act or under the by-laws, rules or regulations of the society.

RSN1970 c166 s19

Back to Top

Disposition of assets on dissolution

18. Where the society affiliates with or is absorbed into some other organization or is dissolved or otherwise stops existing it may, at a special general meeting convened for that purpose, transfer its assets after the payment of its debts to an organization having objects similar to its own or to an educational institution which it may select at that time.

RSN1970 c166 s22

©Earl G. Tucker, Queen's Printer