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PUBLIC ACCOUNTANTS' DEFAULTS ACT

Ministry of Law and Justice

Act nº 12 of 1850


  • Act nº 12 of 1850

Preamble

THE PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850

[Act, No. 12 of 1850]

[22th March, 1850]

For avoiding loss by the default of Public Accountants.1

PREAMBLE

For better avoidance of loss through the default of public accountants : It is enacted as follows:--

1 . Short title given by the Indian Short Titles Act, 1897 (14 of 1897).


Section 1. Public accountants to give security

Every public accountant shall give security for the due discharge of the trusts of his office, and for the due account of all moneys which shall come into his possession or control, by reason of his office.

Section 2. Amount and kind of security, and with what sureties

In default of any Act having special reference to the office of any public accountant, the security given shall be of such amount and kind, real or personal, or both, and with such sureties (regard being had to the nature of the office), as shall be required by any rules made or to be made from time to time, by the authority by which each public accountant is appointed to his office,1[* * *]

1. The words "subject to approval of the Governor or Governor in Council of the Presidency or place" were omitted by A.O., 1937 (1-4-1937).


Section 3. Public accountant" defined

1[3. Public accountant" defined

For the purposes of sections 1 and 2 of this Act, the expression "public accountant" means any person who as Official Assignee or Trustee, or as sarbarahkar, is entrusted with the receipt, custody or control of any moneys or securities for money, or the management of any lands belonging to any other person or persons, and for the purposes of Sections 4 and 5 of this Act the expression shall also include any person who, by reason of any office held by him in the service of2[the Central Government or the Government or the Government of a3[* *] State], is entrusted with the receipt, custody or control of any moneys or securities for money, or the management of any lands belonging4[to such Government]]

1. Substituted for the original section 3, by A.O., 1937 (1-4-1937).

2. Substituted for the words "the Crown in India" by A.L.O., 1950 (26-1-1950).

3. The words "Part A" were omitted by 2 A.L.O., 1956 (1-11-1956).

4. Substituted the words "to the Crown", by 2 A.L.O. 1956O., 1956 (1-11-1956).


Section 4. Prosecution of accountants and sureties

The person or persons at the head of the office to which any public accountant belongs may proceed against any such public accountant and his sureties for any loss or defalcation in his accounts, as if the amount thereof were an arrear of land-revenue due to Government.

Section 5. Enactments applied to proceedings by and against accountants

All Regulations and Acts now or hereafter to be in force for the recovery of arrears of land-revenue due to Government, and for recovery of damages by any person wrongfully proceeded against for any such arrears shall apply, with such changes in the forms of procedure as are necessary to make them applicable to the case, to the proceedings against and by such public accountant.

Section 6. Validation of former rules

[Repealed by the Repealing Act, 1870 (14 of 1870)].