Section 4 in The Actuaries Act, 2006

Title: Transfer of assets, liabilities, etc., of Actuarial Society

Description: On the appointed day,-- (a) all the assets and liabilities of the Actuarial Society shall stand transferred to, and vested in, the Institute. Explanation.--The assets of the Actuarial Society shall be deemed to include all rights and powers and all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the said Society and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obligations of whatever kind; (b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Actuarial Society immediately before that day, for or in connection with the purpose of the said Society, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Institute; (c) all sums of money due to the Actuarial Society immediately before that day shall be deemed to be due to the Institute; and (d) all suits and other legal proceedings instituted or which could have been instituted by or against the Actuarial Society immediately before that day may be continued or may be instituted by or against the Institute.

Title: Objects of Institute.

Description: The objects of the Institute shall be— (a) to promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries; (b) to promote the status of the Actuarial profession; (c) to regulate the practice by the members of the profession of Actuary; (d) to promote, in the public interest, knowledge and research in all matters relevant to Actuarial science and its application; and (e) to do all such other things as may be incidental or conducive to the above objects or any of them.

Title: Entry of names in register

Description: (1) Any of the following persons shall be entitled to have his name entered in the register, namely:-- (a) any person who immediately before the appointed day was an associate or a fellow (including an honorary fellow) of the Actuarial Society; (b) any person who has passed the examination conducted by the Actuarial Society and has completed training either as specified by the said Society or as specified by the Council, except any such person who is not a permanent resident of India; (c) any person who has passed such examination and completed such training, as may be specified for membership of the Institute; (d) any person who has passed such other examination and completed such other training outside India as is specified as being equivalent to the examination and training specified under this Act for membership of the Institute: Provided that in the case of any person belonging to any of the classes mentioned in this sub-section who is not permanently residing in India, the Central Government or the Council may impose such further conditions as it may deem necessary or expedient in the public interest. (2) Every person mentioned in clause (a) of sub-section (1) may have his name entered in the register without the payment of any entrance fee. (3) Every person belonging to any of the classes mentioned in clauses (b), (c) and (d) of sub-section (1) shall have his name entered in the register on an application being made and granted in the specified manner and on payment of such fees, as may be specified. (4) The Council shall take such steps as may be necessary for the purpose of having the names of all persons belonging to the class mentioned in clause (a) of sub-section (1) entered in the register before the appointed day. (5) Notwithstanding anything contained in this section, the Council may confer on any person honorary fellow membership, if the Council is of the opinion that such person has made a significant contribution to the profession of Actuary and thereupon the Council shall enter the name of such person in the register but such person shall not have any voting rights in any election or meetings of the Institute and shall not also be required to pay any fee to the Institute.

Title: Associates and fellows.

Description: (1) The members of the Institute shall be divided into two classes designated respectively as associates and fellows. (2) Any person other than a person to whom the provisions of sub-section (3) apply, shall, on his name being entered in the register, be deemed to have become an associate and as long as his name remains so entered, shall be entitled to use the letters AIAI after his name to indicate that he is an associate. (3) Any person who was a fellow of the Actuarial Society and who is entitled to have his name entered in the register under clause (a) of sub-section (1) of section 6 shall be entered in the register as a fellow. (4) Any person whose name is entered in the register as fellow shall, so long as his name remains so entered, be entitled to use the letters "AIAI" after his name to indicate that he is a fellow.

Title: Honorary, affiliate and student members

Description: (1) The Council may choose, in such manner as may be specified, any person of eminence in matters relating to and of interest to the profession of Actuary as an honorary member of the Institute provided that he is not practicing as an Actuary. (2) Any person, who is a fellow member, or is a holder of membership considered equivalent to the fellow membership of the Institute, of any other institution similar to the Institute, whether within or outside India, may be admitted as an affiliate member for such period, and on such terms and conditions as may be specified. (3) Any person who enrolls himself for examination of the Institute, and possesses such academic qualifications as may be specified, may be admitted as a student member of the Institute on such terms and conditions as may be specified. (4) An honorary member or an affiliate member or a student member shall have no right to vote on any matter or resolution in any meeting of the Institute.

CHAPTER 2 INSTITUTE OF ACTUARIES OF INDIA