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      Question

      Which of the following best describes the legal

      character given to the Institute of Chartered Accountants of India by Section 3 of the Act?
      A A government department under the Ministry of Corporate Affairs Correct Answer Incorrect Answer
      B An unincorporated association of accountants Correct Answer Incorrect Answer
      C A registered partnership firm of members Correct Answer Incorrect Answer
      D A body corporate with perpetual succession and a common seal that can sue and be sued Correct Answer Incorrect Answer
      E A society with no power to hold property Correct Answer Incorrect Answer

      Solution

      Section 3 constitutes all persons whose names are on the Register as a body corporate by the name of the Institute of Chartered Accountants of India. As a body corporate it has perpetual succession and a common seal, can acquire, hold and dispose of movable and immovable property, and can sue or be sued in its own name. It is neither a government department nor a partnership, society or unincorporated body. Therefore the correct option correctly captures its independent statutory legal personality.

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