Page 366 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori

At the time of getting discharge court may give him certificate that insolvency happened because of misfortune
and not misconduct.

(CNO-PE.620) Types of Members of the Institute
Sec 5: Section 5 of the Chartered Accountants Act, 1949 stipulates the categorization of the Institute's members.
Associates: Anyone registered as a member becomes an Associate, denoted by the letters A.C.A. after their name.
Fellows: Members can become Fellows, denoted by F.C.A., by meeting certain criteria, including payment of
fees and application approval.
Experience:
1. Associate member (+) continuous practice In India for 5 years (foreign practice will not be counted).
2. Associate member for at least 5 years plus qualification as prescribed by council to ensure that experience and
knowledge is equivalent to CA's in practice for 5 year
Letters after name: Both Associates and Fellows are entitled to use specific letters after their names to indicate
their membership status.

(CNO-PE.640) Removal of Name from the Register (Shortcut: In sequence of Severity)
1A. Decease: The Council can remove a member from the Register if the member is deceased.
1B. Disqualification: A member's name can be removed if they were or have become subject to any disabilities
mentioned in Section 8 or for any other reason that makes them ineligible to be on the Register.
1C. Non-payment: If a member fails to pay any prescribed fee, their name can be removed from the Register.
1D. Request: A member's name can be removed from the Register upon their request.
2. Reinstatement: If a member's name was removed due to non-payment of fees, it can be re-entered upon
receipt of an application and payment of the arrears of annual fee, entrance fee, and an additional fee determined
by the Council.

(CNO-PE.660) Restoration of Membership
Application: According to the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations,
1988, a member whose name has been removed from the Register can apply for restoration if they are otherwise
eligible.
Fees: The member must submit the appropriate form and pay the arrears of annual membership fee, entrance
fee, and additional fee determined by the Council.
Same-Year Restoration: If the application and fees are submitted within the same year of removal, the
restoration will be effective from the date of removal. (If removal for non payment of Fees)
Disciplinary Restoration: If the name was removed under the orders of the Board of Discipline, Disciplinary
Committee, Appellate Authority, or High Court, the restoration will be in accordance with those orders.
General Restoration: In all other cases, the restoration will be effective from the date of application and fee
submission.

(CNO-PE.680) Penalty for Falsely Claiming to be a Member etc.
1A. Misrepresentation: Section 24 of the Chartered Accountants Act, 1949, states that any person who is not a
member of the Institute but claims to be one or uses the designation Chartered Accountant is committing an
offense.
1B. Unauthorized Practice: The Act also considers it an offense if a member of the Institute, without a certificate
of practice, claims to be in practice or practices as a Chartered Accountant.
2A. First Conviction: The penalty for the first conviction of these offenses is a fine that may extend to ₹ 1000.
2B. Subsequent Convictions: Any subsequent conviction could lead to fine up to ₹ 5,000, or imprisonment up
to 6 months or both.

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