Section 1: Establishment of Institute of Chartered Accountants of Nigeria.

(1) There shall be established a body to be known as the Institute of Chartered Accountants of Nigeria (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 members of the accountancy profession 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 the register of fellows, associates and registered accountants entitled to practise as accountants and auditors and the publication, from time to time, of lists of those persons; and
(c) performing through the Council under 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 under this Act may, from time to time, authorise.
(3) The Institute may sue and be sued in its corporate name and may hold, acquire and dispose of any property, movable or immovable.
(4) Subject to the provisions of this Act, members admitted to the Institute shall-
(a) be enrolled as chartered accountants in the category of-
(i) fellows; or
(ii) associates; or
(b) be registered as registered accountants,
and shall have status in the Institute accordingly.
(5) Persons accorded by the Council under this Act status as chartered accountants shall be entitled to the use of that name and-
(a) shall be recorded as fellows if they satisfy the said Council that for the five years next preceding the date of application in that behalf they have been fit persons and have, in addition to being the holders of approved academic qualifications, been in continuous practice on their own account as accountants or in partnership with other accountants;
[1972 No. 30.]
(b) shall be recorded as fellows if for the period of not less than ten years immediately preceding the date of application for such enrolment (the period of membership of the Association, in the discretion of the Council, counting in that behalf) they have been enrolled as associates, or qualified to be so enrolled whether in practice as accountants or not and are otherwise fit persons; and
[1972 No. 30.]
(c) shall be recorded as associates if they satisfy the said Council that they have passed examinations prescribed or accepted by the Institute and are otherwise fit persons to be enrolled in the register.
(6) Where a person is enrolled or registered, as the case may be, in the Institute, he shall be entitled to the use of such letters after his name as may be authorised by the Council according as he is a fellow, an associate or a registered accountant, and shall, when enrolled or registered, as the case may be, receive a certificate in such form as the Council may approve for the purpose.