PJM 340Chapter VII · Security and Security Bonds

Section 340 · Authority to take security

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- Under the provisions of Act XII of 1850 :-

(a)

every public accountant shall give security for the due discharge of the trusts of his office,

(b)

the security shall be such as shall be required by the authority by which such public accountant is appointed to his office,

(c)

a public accountant means any person who is entrusted with the receipt, custody or control of any moneys, or securities for money, and

(d)

any public accountant and his sureties may be proceeded against for any loss or defalcation in his accounts.

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