ESTABLISHMENT, INCORPORATION AND CONSTITUTION OF AUTHORITY
3. There is hereby established a body to be known as the Accounting and Corporate Regulatory Authority which shall be a body corporate with perpetual succession and shall, by that name, be capable of —
suing and being sued;
acquiring, owning, holding and developing or disposing of property, both movable and immovable; and
doing and suffering such other acts or things as bodies corporate may lawfully do and suffer.
—(1) The Authority shall have a common seal and such seal may from time to time be broken, changed, altered or made anew as the Authority thinks fit.
(2) All deeds and other documents requiring the seal of the Authority shall be sealed with the common seal of the Authority.
(3) All instruments to which the common seal is affixed shall be signed by any 2 members generally or specially authorised by the Authority for the purpose or by one member and the Chief Executive.
(4) All courts, judges and persons acting judicially shall take judicial notice of the common seal of the Authority affixed to any document and shall presume that it was duly affixed.
—(1) The Authority shall consist of the following members, all of whom shall be appointed by the Minister:
a Chairman; and
not less than 10 but not more than 15 other members.
(2) The members appointed under subsection (1)(b) shall include —
one public accountant to be selected by the Minister from a list of at least 2 public accountants nominated by the designated professional accountancy body; and
one non-practising accountant to be selected by the Minister from a list of at least 2 non-practising accountants nominated by the designated professional accountancy body.
(3) The Minister may, if he thinks fit, appoint —
a member of the Authority to be its Deputy Chairman; and
the Chief Executive to be a member.
(4) The First Schedule shall have effect with respect to the Authority, its members and proceedings.
(5) For the purpose of subsection (2), the designated professional accountancy body shall be the registered society designated by the Minister under section 70 of the Accountants Act (Cap. 2) to be the successor society of the former Institute of Certified Public Accountants of Singapore established under Part VI of the Accountants Act (Cap. 2, 2001 Ed.) repealed by the Accountants Act.