(1) The membership of the Institute shall be divided into the following classes:
(a) Chartered accountant; and
(b) Registered auditors.
(2) The membership of chartered accountant shall, subject to Section  18, be given to a person having possessed the following qualification:
(a) One who has a certificate of registered auditor of class ‘A’ pursuant to the Auditors Act, 2031 (1975) or a  certificate of registered auditor of class ‘B” based on
the ground of having passed the chartered accountancy examination, at the time of the commencement of this Act.
(b) One who has passed the chartered accountancy examination or equivalent thereof from the Institute or any foreign other institute of chartered accountants
recognized by the Institute and obtained a professional training relating to the accountancy.
(3) The membership of registered auditor shall, subject to Section 16, be granted to a person who has obtained the certificate of auditor of  class ‘B’, ‘C’, or ‘D’ pursuant to the Auditors Act, 2031 (1975) at the time of the commencement of this Act.