Section 1: Establishment of the Chartered Institute of Stockbrokers

(1) There is hereby established a body to be known as the Charteted Institute of Stockbrokers (in this Act referred to as "the Institute") which shall be a body corporate under that name and be charged with the general duty of-
(a) determining what standards of knowledge and skill are to be attained by persons seeking to become chartered members of the Institute and raising those standards from time to time as circumstances may permit;
(b) securing in accordance with the provisions of this Act the establishment and maintenance of a register of honorary fellows, associate members, fellows, members, ordinary members and students of the profession and the publication from time to time of the lists of those persons; and
(c) performing through the Council established by section 3 of this Act the functions conferred on it by this Act.
(2) The Institute shall have perpetual succession and a common seal which shall be kept in such custody as the Council may, from time to time, authorise.
(3) The Institute may sue and be sued in its corporate name and may, subject to the Land Use Act, hold, acquire and dispose of any property, movable or immovable.
(4) Subject to the provisions of this Act, members admitted to the Institute shall be enrolled as members of the profession in the category of-
(a) fellows; or
(b) members; or
(c) associates; or
(d) honorary members; or
(e) honorary fellows.
(5) A person accorded by the Council under this Act status as a Chartered Member of the Institute shall be entitled to the use of that name and shall be enrolled as-
(a) a fellow-
(i) if he satisfies the Council that for a continuous period of five years immediately preceding the application he has been in continuous active practice as a stockbroker;
(ii) if he is the holder of a certificate of the examination of the Institute and approved professional qualification;
(iii) if he is otherwise considered by the Council to be a fit person to be so enrolled;
(b) a member-
(i) if he is the holder of a certificate of the examination of the Institute and approved academic professional qualification; and
(ii) if he is otherwise considered by the Council to be a fit person to be so enrolled;
(c) an associate-
(i) if for a continuous period of not less than three years immediately preceding the application (the period of membership of the institute in the discretion of the Council, counting in that behalf) he has been enrolled as an associate; and
(ii) if he is otherwise considered by the Council to be a fit person to be so enrolled.
(6) An honorary fellow or an honorary member of the Institute shall be a person admitted as such by a resolution of the Council.