Section 14. Duration and dissolution of Council

14. Duration and dissolution of Council. —(1) The duration of any Council constituted under this Act shall be[2] [four years] from the date of its first meeting. (2) Notwithstanding the expiration of the duration of a Council (hereinafter referred to as the former Council), the former Council shall continue to exercise its functions under this Act until a new Council is constituted in accordance with the provisions of this Act, and on such constitution, the former Council shall stand dissolved. 3[15. Functions of Council. —(1) The Institute shall function under the overall control, guidance and supervision of the Council and the duty of carrying out the provisions of this Act shall be vested in the Council. (2) In particular, and without prejudice to the generality of the foregoing powers, the duties of the Council shall include— (a) to approve academic courses and their contents; (b) the prescribing of fees for the examination of candidates for enrolment; (c) the prescribing of qualifications for entry in the[4] [Register of members]; (d) the recognition of foreign qualifications and training for the purposes of enrolment; (e) the prescribing of guidelines for granting or refusal of certificates of practice under this Act; 5 [(ea) the granting or refusal, of registration of a firm;] (f) the levy of fees from members, examinees and other persons; (g) the regulation and maintenance of the status and standard of professional qualifications of members of the Institute; (h) the carrying out, by granting financial assistance to persons other than members of the Council or in any other manner, of research in accountancy; (i) to enable functioning of the Director (Discipline), the Board of Discipline, the Disciplinary Committee and the Appellate Authority constituted under the provisions of this Act; (j) to enable functioning of the Quality Review Board; 5[(ja) to issue guidelines for the purpose of carrying out the objects of this Act; (jb) to conduct investor education and awareness programmes; (jc) to enter into any memorandum or arrangement with the prior approval of the Central Government, with any agency of any foreign country, for the purpose of performing its functions under this Act;] (k) consideration of the recommendations of the Quality Review Board made under clause (a) of section 29B[6] [and the details of action taken thereon in its annual report]; and 1. Subs. by Act 7 of 2006, s. 10, for "six months" (w.e.f. 8-8-2006). 2. Subs. by s. 11, ibid., for "three years" (w.e.f. 22-7-2007). 3. Subs. by s. 12, ibid. , for section 15 (w.e.f. 17-11-2006). 4. Subs. by Act 12 of 2022, s. 49, for "Register" (w.e.f. 10-5-2022). 5. Ins. by s. 49, ibid . (w.e.f. 10-5-2022). 6. Subs. by s. 49, ibid ., for ", action taken thereon with a report to the Central Government within a period of three months, and their inclusion in the annual report" (w.e.f. 10-5-2022). (l) to ensure the functioning of the Institute in accordance with the provisions of this Act and in performance of other statutory duties as may be entrusted to the Institute from time to time]. 1[15A. Functions of Institute. —The functions of the Institute shall include— (a) the examination of candidates for enrolment; (b) the regulation of training of students; (c) the maintenance and publication of a Register of persons qualified to practice as cost accountants; 2[(ca) the maintenance and publication of a Register of firms;] - (d) collection of fees from members, examinees and other persons; (e) subject to the orders of the appropriate authorities under this Act, the removal of names from the[3] [Register of members and firms and the restoration of names to the Register of members and firms] which have been removed; (f) the maintenance of a library and publication of books and periodicals relating to accountancy and allied subjects; (g) the conduct of elections to the Council of the Institute; and (h) the granting or refusal of certificates of practice as per guidelines issued by the Council.