Definitions relating to use of the term 'chartered accountant'.
| Member Firm |
(a) a member of the Institute engaged in public practice as a sole practitioner; or
(b) a partnership engaged in public practice of which more than 50 per cent of the rights to vote on all, or substantially all, matters of substance at meetings of the partnership are held by chartered accountants or by another member firm(s); or
(c) a limited liability partnership engaged in public practice of which more than 50 per cent of the rights to vote on all, or substantially all, matters of substance at meetings of the partnership are held by chartered accountants or by another member firm(s); or
(d) any body corporate (other than a limited liability partnership) engaged in public practice of which: (i) 50 per cent or more of the directors are chartered accountants or another member firm(s); and (ii) more than 50 per cent of the nominal value of the voting shares is held by chartered accountants or by another member firm(s); and (iii) more than 50 per cent of the aggregate in nominal value of the voting and non-voting shares is held by chartered accountants or by another member firm(s); and
(e) provided that in the case of a firm that is a parent entity, more than 50% of the income of the group is derived from public practice and, in the case of a firm that is a subsidiary entity, more than 50% of the income of the group is derived from public practice and the subsidiary entity is engaged in public practice. |