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Death of principal

Floyd (Article) (29 Points)

21 December 2013

Need urgent help with respect to the formalities involved withe respect to death of principal. What can the surviving partner do with respect to the articles registered under the deceased partner? Can the surviving partner get the articles registered under him even if he crosses the required limit of the articles registered under him?

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4 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 21 December 2013

As far as vacancy issue is concerned, additional vacancy can be granted to the member in practice under regulation 57, when the principal has died.
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Request for grant of additional vacancy shall be made within 30 days to the Secretary. Within 30 days from the date of the letter of the Secretary granting permission, the particulars in form 103 shall be sent for registration. In the case of death of the principal the date of commencement of training under fresh articles shall be taken the date following the date of death of the principal.
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Refer Point No. 7 of Members Manual, Traning Regulations - Click Here

Floyd (Article) (29 Points)
Replied 25 December 2013

Thanks for your help and Merry Christmas

Sathish M (Management Accountant) (40581 Points)
Replied 26 December 2013

Good update Deepak...

Floyd (Article) (29 Points)
Replied 09 January 2014

Had another doubt, my firm has already submitted the application for additional vacancy and we are awaiting reply, but suppose if the reply does'nt come from the institute before the exam forms for May 14 are out can the surviving partner sign the exam form.