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Admission to fellowship.
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2.—(1) Subject to the following subsections of this section, the Institute shall have power to make bye-laws prescribing examinations which must be passed or qualifications which must be acquired as a condition for admission to fellowship of the Institute and, notwithstanding anything contained in the Charter, no person shall, after such bye-laws shall have been made, be admitted to fellowship except in conformity with such bye-laws.
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(2) Any bye-laws made for the purpose of this section shall not have effect unless they have been approved by the Council and adopted by a resolution passed by not less than three-fourths of such members as, being entitled to do so, vote at a general meeting of the Institute of which at least fourteen days' notice, specifying the intention to propose the resolution, has been duly given.
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(3) Notwithstanding anything contained in the Charter or in any bye-law made for the purpose of this section, any of the following persons who is a member of the Institute and whom the Council in its discretion consider to be a fit and proper person for admission to fellowship, may be admitted to fellowship without examination or other qualification:
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(a) any person in practice as an accountant who is a member of the Institute on the operative date and has been continuously in practice (whether before or after the operative date) for not less than five years;
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(b) any person who is a member of the Institute on the operative date and has been a member (whether of the Institute or of the former Society of Incorporated Accountants) for not less than ten years;
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(c) any member of the Institute whom the Council considers to have rendered outstanding services as a chartered accountant.
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