(1) The governing body of the Institute shall be the Council which shall consist of eleven members all of whom shall be members of the Institute.

(2) Four members of the Council shall be appointed by the Minister and seven members, of whom not more than four shall be accountants in active practice, shall be elected by members of the Institute at a general meeting.

(3) The Council shall from among its members elect a President and a Vice-President.

Second Sch.

(4) The Council shall not perform any function imposed or conferred upon it by this Act unless the President of the Republic has, by Instrument in the form set out in the Second Schedule to this Act, appointed the day on which the Council shall commence to perform its functions.