Section 60: Fund and property of Mauritius Institute of Professional Accountants

60. Fund and property of Mauritius Institute of Professional Accountants (1) The Mauritius Institute of Professional Accountants shall establish a fund into which all money received by it shall be paid and out of which all payments and charges on the Mauritius Institute of Professional Accountants shall be effected. (2) The Board of the Mauritius Institute of Professional Accountants may, for the purposes of subsection (1)— (a) levy such charges or fees as may be prescribed, to register its members and to provide services and facilities to its members; (b) receive donations, gifts, grants, subsidies and contributions from any source; and (c) raise funds by all lawful means. (3) The Mauritius Institute of Professional Accountants may, with the approval of the general assembly— (a) invest its funds in such manner as it may determine; and (b) engage in any financial activity or participate in any financial arrangement for the purpose of managing or hedging against any financial risk that arises or is likely to arise from such investment. (4) For the discharge of its functions under this Act or any other enactment, the Mauritius Institute of Professional Accountants may, from time to time, with the approval of the general assembly, raise loans from banks and other financial institutions by mortgage, overdraft or otherwise. [S. 60 amended by s. 12 (r) of Act 27 of 2012 w.e.f. 22 December 2012.] [Issue 6] F19 – 28 (2) Revised Laws of Mauritius