Law and Governing Body Sample Clauses

Law and Governing Body. The accountancy profession in Brunei falls under the purview of Ministry of Finance, and is governed by the Accountants Order (AO) (No. S 115) 2010 (“AO”), which came into force on 1 November 2012. As of March 2013, there were 19 individuals registered as Public Accountants (PA) under the AO. Under the AO, “public accountancy services” covers the audit and reporting on financial statements and the doing of such other acts that are required by any written law to be done by a PA. The Ministry of Finance (MOF) as the licensing body for the accountancy profession is responsible for the following: a. registration and approval of PA; b. registration and approval of accounting corporations, accounting firms and limited liability partnership (LLP); c. control and regulation of the practice of the profession of accountancy by PA, accounting corporations, accounting firms and accounting LLP. x. receiving any complaint against any PA, accounting corporations, accounting firms or accounting LLP;
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Law and Governing Body. The Use of Academic Title Accountant Law No. 34 of 1954 is the legal foundation of registered accountants (Akuntan or Ak.) while The Public Accountant Act (Law No 5 of 2011) regulates public accountants (Akuntan Publik or AP). Under Law 34 of 1954, the Ministry of Finance (MOF) is responsible for maintaining a “state registry for accountants”. As of May 2013, the Ministry of Finance has issued around 55,000 registration certificates. Law No. 5 of 2011 governs the accountancy profession including the auditors including: a. scope of CPA service; b. licensing of CPA and accounting firms; c. entitlement, obligation, and prohibition for the CPA and CPA office; d. partnership between inter-CPA office and the partnership between local CPA office and foreign CPA office or foreign audit organization; e. professional association of the CPA; f. professional CPA Committee; g. guidance and supervision by the Minister; h. administrative penalty; and i. criminal provision. The Accountant and Appraiser Supervisory Center (PPAJAP), MOF, is the statutory regulator of the accountancy profession whose authority includes setting the standards and implementation of the law affecting the profession. PPAJP’s main responsibilities are: a. collecting, processing and analyzing the requirements to be CPA and CPA office; b. preparation of policy formulation in the field of public accounting and the public appraisal profession; c. development and supervisory of public accounting services and public appraisal services; and d. presenting information on CPA and public appraiser. PPAJP’s functions include: a. preparation of materials for the formulation of CPA and appraisal profession development, registered accountants, licensing, and development of accounting services and appraisal services; b. preparation and implementation of program monitoring and inspection activities of public accountants and public appraisal; and c. presentation of CPA and appraisers information. Some of the authorities are shared with and/or delegated to other institutions, for example:  Audit standard-setting and CPA examination are carried out by the professional association of public accountants.  Accounting standards are set by professional association of registered accountants.  Accountancy professional education program accreditation is carried out jointly by the MOF and the Ministry of Education.
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Law and Governing Body. The governing law for the accountancy profession and auditors in Cambodia is Law on Corporate Accounts, Their Audit and Accounting Profession promulgated by Royal Decree NS/RKM/0702/011 dated 8 July 2002 and related Decrees, Xxxxxx, Decisions, Circulars.12 The accountancy profession in Cambodia is governed by the National Accounting Council (NAC), Ministry of Economy and Finance (MEF). The mandates of NAC include: 12 Royal Decrees are signed and issued by King; Xxxxxxx is signed and issued from Prime Minister; and Xxxxxx is signed and issued by the Ministers. a. To review and provide opinion on all draft laws and regulations relating to accounting work for all enterprises or economic activities; b. To develop the conceptual framework and the accounting standards; c. To propose measures for the improvement of accounting techniques; d. To represent the Cambodia at international organisations’ forum and meetings on accounting; and e. To provide temporary authorization to auditing firms on behalf of the MEF. Although the law does not define qualified accountants there is a reference to the term “Certified Public Accountant” (CPA) and “Auditor” under the by-laws of the Institute of Khmer Certified Public Accountants and Auditors (KICPAA). Cambodia is drafting a new law to govern both accounting and auditing professions known as Law on Accounting and Auditing. The new law will strengthen the roles and responsibilities of the NAC and KICPAA and will require all accounting and audit practitioners, individual and firms to be licensed by the NAC.
Sample 1
Law and Governing Body. The National Accounting Council (NAC) was established by Law on Corporate Accounts, their audit and accounting profession promulgated by Royal Degree dated on 08 July 2002, and it’s under supervision of Ministry of Economy and Finance. NAC is a Cambodian accounting standard setter body which has functions as below: a. To review and provide opinion on all draft laws and regulations relating to accounting work for all enterprises or economic activities; b. To develop the conceptual framework and the accounting standards; c. To propose measures for the improvement of accounting techniques; d. To represent the Cambodia at international organizations’ forum and meetings on accounting; e. To provide temporary authorization to auditing firms on behalf of the MEF.
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Related to Law and Governing Body

  • Law Governing Agreement This Agreement shall be governed by and construed in accordance with the laws of the State of California.

  • Agreement to Governing Law and Jurisdiction Each party agrees to the applicable governing law above without regard to choice or conflicts of law rules, and to the exclusive jurisdiction of the applicable courts above.

  • Governing Law, etc (a) THIS INDENTURE (INCLUDING EACH NOTE GUARANTEE) AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR EACH NOTE GUARANTEE OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. (b) Each of the parties hereto hereby: (i) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including the Note Guarantees) or the Notes, as the case may be, may be instituted in any Federal or state court sitting in the City of New York and County of New York and in the courts of its own corporate domicile, in respect of actions brought against it as a defendant, (ii) waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place of residence or domicile, (iii) irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding, (iv) agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment, and (v) agrees that service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. (c) The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) have appointed CEMEX NY Corporation, 000 Xxxxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, XX 00000, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture or the Notes which may be instituted in any state or federal court in the City of New York and County of New York. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) hereby represent and warrant that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree to take any and all action, including the filing of any and all documents, that may be necessary to continue each such appointment in full force and effect as aforesaid so long as the Notes remain outstanding. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree that the appointment of the Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) of a successor agent in the City of New York, New York as each of their authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC). (d) To the extent that any of the Issuer and the Note Guarantors have or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and the Note Guarantors hereby irrevocably waive and agree not to plead or claim such immunity in respect of their obligations under this Indenture or the Notes. (e) Nothing in this Section 12.7 shall affect the right of the Trustee or any Holder of the Notes to serve process in any other manner permitted by law.

  • Governing Law and Construction THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF MINNESOTA. Whenever possible, each provision of this Agreement and any other statement, instrument or transaction contemplated hereby or relating hereto shall be interpreted in such manner as to be effective and valid under such applicable law, but, if any provision of this Agreement or any other statement, instrument or transaction contemplated hereby or relating hereto shall be held to be prohibited or invalid under such applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement or any other statement, instrument or transaction contemplated hereby or relating hereto.

  • GOVERNING LAW AND TIME THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

  • Governing Law and Forum This Agreement shall be deemed to be a contract made under, and for all purposes shall be governed by and construed in accordance with, the laws of the State of California, except its conflict of law provisions. The Parties irrevocably consent that any legal action or proceeding arising under or relating to this Agreement to which the CAISO ADR Procedures do not apply, shall be brought in any of the following forums, as appropriate: any court of the State of California, any federal court of the United States of America located in the State of California, or, where subject to its jurisdiction, before the Federal Energy Regulatory Commission.

  • Law Governing This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware (without reference to the conflict of laws rules or principles thereof).

  • Governing Law and Interpretation This Agreement may be signed in multiple counterparts each of which shall be deemed to be an original and shall be interpreted in accordance with the laws of Georgia. No provision herein, by virtue of the party who drafted it, shall be interpreted less favorably against one party than another. All references to time shall mean the time in Georgia. If any provision herein is to be unenforceable, it shall be severed from this Agreement while the remainder of the Agreement shall, to the fullest extent permitted by law, continue to have full force and effect as a binding contract.

  • Governing Law and Severability The validity, construction and performance of this Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect.

  • Governing Law and Jurisdiction (a) THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

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