(1) Subject to the provisions of section 14 of this Act,

(a) a person who passes the qualifying examinations for membership of the Institute to be conducted by the Council under this Act, and completes practical training of such description and for such period as may be prescribed by the Council;

(b) 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, shall be eligible for membership of the Institute:

Provided that a person admitted to membership of the Institute under paragraph (b) of this subsection shall not be entitled to use the title referred to in section 6 of this Act unless he has passed the qualifying examinations for membership of the Institute; but any such person may use any title to which he is entitled by virtue of any qualification he possesses.

(2) Notwithstanding the approval of any society or institute mentioned in paragraph (b) of the preceding subsection, the Council may declare that any specified class or description of members of any such society or institute shall not be eligible for membership of the Institute.

(3) Regulations made by the Council prescribing practical training for the purposes of paragraph (a) of subsection (1) of this section, may contain such special provision as the Council may deem expedient declaring that a person,

(a) who had commenced, prior to the commencement of this Act, and completed or completes, whether prior to or after that date, training of such description and duration as may be specified in the Regulations; or

(b) who has service in a post and who completes training of such description and duration as may be specified in the Regulations, shall be deemed to have completed the training prescribed for the purposes of the said paragraph (a).

(4) Regulations made by the Council by which any society or institute is approved for the purposes of paragraph (b) of subsection (1) of this section may provide, as a condition of such approval, that a member of any such society or institute shall not be eligible for membership of the Institute unless he has undergone such training or has acquired such practical experience in the subject of accountancy, as may be specified or described in the Regulations.