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Acceptance of Annual Membership fee in advance
The members if they so desire, can pay advance membership fee for three years. The scheme for accepting the Annual Membership fee in advance from members within and outside India for a period of period of three years is as under:-
i. Advance fee would be accepted for a period of three years only. Members desirous of availing this facility are, therefore, advised to calculate the advance fees, based on the fee/ rates for the time being in force.
ii. The advance amount received by the Institute would not be adjustable for any other fees due, such as amount payable at the time of enrolment as fellow, grant of Certificate of Practice afresh/ renewal after a gap etc. The members would be required to pay such fee separately while submitting the prescribed application form(s) etc. for the purpose.
iii. Payment of advance fees is only a facility to members and that it would in no manner mean that because of the advance payment of fees their membership is secured upto the relevant year(s). In spite of the advance payment of fees, continuance or otherwise of their membership would be subject to the provisions of the Company Secretaries Act, 1980 and the Rules and Regulations framed thereunder.
iv. In case the advance lying to credit of the member's account falls short of subsequent year's fee requirement, it would be the responsibility of the member to send the requisite amount as advance or balance of membership fee for the subsequent year.
v. Refund of advance fee received would not be allowed under any circumstances except in case of removal of the name of a member from the Register of Members under the provisions of the Company Secretaries Act, 1980, the Company Secretaries Regulations, 1982 and the Rules.
vi. In the case of death, the fee for the year in which deletion of the name takes place would be deducted and the balance of the advance fee paid, if any, would be refunded to nominee(s)/ legal heir(s) of the member concerned. In all other cases, the balance of advance fee, after such a deduction as aforesaid, if any, would be kept to the credit of the member concerned for adjustment towards annual membership fee payable at the time of restoration.
vii. Interest on the advance fee would not be payable at all.
viii. In case of members residing abroad payment of advance fee should be made in Indian currency i.e. the draft/ cheque drawn on the designated Indian branch for credit to the account of the Institute. However, where the fee has been sent in foreign currency, conversion of foreign currency would be at the rate applicable on the date when the Institute bankers give credit.
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