(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 under this Act.

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

(a) not more than thirty-two 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 eight persons to be 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 ⁷[four years] after he ceases to be an auditor.]

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