42. Functions of Institute

The functions of the Institute shall be —

to establish and administer or to participate in the establishment and administration of any organisation, whether incorporated or not and whether subsidiary to the Institute or not, having as its principal object or one of its principal objects the advancement of the science of accountancy or any part thereof where in the opinion of the Council the interests of the accountancy profession may be most advantageously served through the medium of such an organisation;

to determine the qualifications of persons for admission to membership of the Institute;

to grant prizes and scholarships, to hold exhibitions and to establish and subsidise lectureships in universities and other educational institutions in subjects relating to accountancy;

to grant pecuniary or other assistance to any member of the Institute or any association, institute, society or other body established in Singapore in the interests of the profession of accountancy or of accountancy students; and

to promote, in any manner which the Institute thinks fit, the interests of the profession of accountancy in Singapore.[27