(1) There shall be a Council of the Institute for the management of the affairs of the Institute and for discharging the functions assigned to it by or under this Act.

¹[(2) The Council shall be composed of the following persons, namely:—

(a) not more than fifteen persons elected by the members of the Institute, from amongst the Fellows of the Institute chosen in such manner and from such regional constituencies as may be specified:

Provided that a Fellow of the Institute, who has been found guilty of any professional or other misconduct and whose name is removed from the ²[Register of members] or has been awarded penalty of fine, shall not be eligible to contest the election,—

(i) in case of misconduct falling under the First Schedule of this Act, for a period of ³[four years];

(ii) in case of misconduct falling under the Second Schedule of this Act, for a period of ⁴[eight years],
from the completion of the period of removal of name from the ²[Register of members] or payment of fine, as the case may be;

(b) not more than five persons nominated in the specified manner by the Central Government.]

⁵[(3) No person holding a post under the Central Government or a State Government shall be eligible for election to the Council under clause (a) of sub-section (2)].

(4) No ⁶[member of the Institute or any partner of a firm] who has been auditor of the Institute shall be eligible for election to the Council under clause (a) of sub-section (2) for a period of ³[four years] after he ceases to be an auditor.]

1. Subs. by Act 8 of 2006, s. 6, for sub-section (2) (w.e.f. 5-9-2006).
2. Subs. by Act 12 of 2022, s.79. for Register (w.e.f. 10-50-2022).
3. Subs. by s. 79, ibid., for "three years " (w.e.f 10-5-2022).
4. Subs. by s. 79, ibid., for "six years " (w.e.f. 10-5-2022).
5. Ins. by Act 8 of 2006, s. 6 (w.e.f. 5-9-2006)
6. Subs. by Act 12 of 2022, s. 79, for "person " (w.e.f. 10-5-2022).