ACCOUNTANTS (AMENDMENT) BILL

Order for Second Reading read.

6.51 p.m.

The Minister of State for Finance (Mr Tang See Chim): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The Singapore Society of Accountants Ordinance, 1963, now called the Accountants Act (Chapter 212 of the 1970 Revised Edition of the Laws) was enacted to register accountants and to regulate the practice of accountancy in Singapore. This legislation, which was passed nine years ago, gave recognition to locally-trained accountants and accorded them professional standing in line with the other professions.

Section 8 of the Accountants Act provides that the Society of Accountants may, with the approval of the Minister for Finance, make rules for the administration of the Act. This is cumbersome and unsatisfactory as, in effect, it means that all such rules have to be considered and deliberated on by the general body of the Society at a general meeting. In most other professional Acts as, for example, the Legal Profession Act, the authority for the making of such rules lies with the Board of Legal Education. It is therefore proposed to amend section 8 of the Act to provide for the Council of the Society to be vested with this function. This amendment will bring it in line with a similar provision in the Legal Profession Act.

Section 9 of the Act provides for the University of Singapore to be represented on the Council, but there is no similar provision for Nanyang University. Both the Universities award Accountancy degrees which are recognised by the Singapore Society of Accountants. It is therefore logical that Nanyang University should also be represented on the Council. Accordingly, it is proposed to amend section 9 of the Act to provide for representation by the Nanyang University on the Council of the Singapore Society of Accountants.

Section 12 of the Act, which gave specific powers to the first Council of he Singapore Society of Accountants hen the Act became operational in1963, is now obsolete and opportunity therefore taken to repeal this section.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. - [Mr Tang See Chim].

Bill considered in Committee.

[Mr Speaker in the Chair]

6.54 p.m.

Cause 1 -

The Chairman: The citation year 1971", appearing in page 1, line 4, is to be altered to "1972". This will be done.

Clause 1 ordered to stand part of the Bill.

Clauses 2 to 5 inclusive ordered to stand part of the Bill.

Bill reported without amendment; read a Third time and passed.