2. Section 4 of the Institute of Chartered Accountants Act, No. 23 of 1959 (hereinafter referred to as the " principal enactment ") is hereby repealed and the following new section substituted therefor: -
| 4.
| | (1)Subject to the provisions of institute. section 15, the following persons shall be eligible for membership of the Institute:-
| | | (i) a person who passes the qualifying examinations for membership of the Institute to be conducted by the Council under this Act and completes a scheme of practical training approved by the Council and for such period as may be prescribed by the Council: |
| (ii) a person who is a member of any society or institute of accountants by whatever name called and approved by regulations made by the Council as being in the opinion of the Council an association of equivalent status to the Institute: |
| (iii) a person who was, at the appointed date, registered as an Auditor under the Companies' (Auditors) Regulations, 1941. |
|
| | (2) Any regulations made by the Council prescribing practical training for the purpose of paragraph (i) of subsection (1) may contain such special provisions as the Council may deem expedient declaring that a person who had commenced prior to the appointed date or the relevant date and completed or completes, whether prior to or after the aforesaid dates, training as an articled clerk under a practising accountant for such period as may be specified In the regulations shall be deemed to have completed the training prescribed for the purposes of the aforesaid paragraph (i). | | |
| | (3) Any regulations made by the Council by which any society or institute is approved for the purposes of paragraph (ii) of subsection (1) may provide, as a condition of such approval, that a member of such society or institute shall not be eligible for membership of the Institute of Chartered Accountants of Sri Lanka, unless he has undergone such training as approved by the Council for such period as may be specified.". | | |
|
|
|
Sri Lanka Consolidated Acts