(1) A person who has passed the chartered accountancy or examination equivalent thereto and taken training from any foreign accountancy practitioner institute shall make an application, as prescribed, to the Institute for the recognition of such examination and training; and if an application is so made for recognition, the Council shall make decision to or not to recognize such examination and training.
(2) If the Council holds that any term has to be fulfilled by the applicant prior to recognizing the examination and training referred to in
Sub-section (1), such term shall also be specified.
(3) If any term to be fulfilled is so specified under Sub-section (2), an application may be made for the membership of the Institute under this
Act only after the fulfillment of such term.