Section 8. The figure "1956" omitted by s. 40, ibid . (w.e.f. 10-5-2022)

8. The figure "1956" omitted by s. 40, ibid . (w.e.f. 10-5-2022). 9. Subs. by s. 40, ibid ., for clause (e) (w.e.f. 10-5-2022). 10. Ins. by Act 10 of 2012, s. 2 (w.e.f. 1-2-2012). (i) the limited liability partnership as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); or (ii) the sole proprietorship, registered with the Institute;] (f) "Institute" means the[1] [Institute of Cost Accountants of India] constituted under this Act; 2[(fa) "notification" means a notification published in the Official Gazette and the term "notify" shall be construed accordingly;] 3[(fb) "partner" shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932) or in clause (q) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), as the case may be; - (fc) "partnership" means— - (A) a partnership as defined in section 4 of the Indian Partnership Act, 1932 (9 of 1932); or - (B) a limited liability partnership which has no company as its Partner;] - (g) "prescribed" means prescribed by regulations made under this Act; - (h) "President" means the President of the Council; 4[(i) "Register" means the Register of members of the Institute maintained under section 19 or Register of firms of the Institute maintained under section 20B, as the case may be;] 8. Disabilities. —Notwithstanding anything contained in section 4, a person shall not be entitled to have his name entered in, or borne on, the[6] [Register of members] if he— (i) has not attained the age of twenty-one years at the time of his application for the entry of his name in the[6] [Register of members]; or (ii) is of unsound mind and stands so adjudged by a competent court; or (iii) is an undischarged insolvent[7] [or undischarged bankrupt]; or 7[(iiia) is declared bankrupt under the Insolvency and Bankruptcy Code, 2016 (31 of 2016);] (iv) being a discharged insolvent, has not obtained from the court a certificate stating that his insolvency was caused by misfortune without any misconduct on his part; or (v) has been convicted by a competent court whether within or[8] [outside India], of an offence involving moral turpitude and punishable with imprisonment or of an offence, not of a technical nature, committed by him in his professional capacity unless in respect of the offence committed he has either been granted a pardon or, on an application made by him in this behalf, the Central Government has, by an order in writing removed the disability; or (vi) has been removed from membership of the Institute on being found on inquiry to have been guilty of professional or other misconduct: 5[(ia) "specified" means specified by rules made by the Central Government under this Act; [3] [(iaa) "sole proprietorship" means an individual who engages himself in the practice of cost accountancy or offers to perform services referred to in clauses (ii) to (iv) of sub-section (2);] 6[(iaaa) "Standing Committee" means a Standing Committee constituted under sub-section (1) of section 17;] - (ib) "Tribunal" means a Tribunal established under sub-section (1) of section 10B;] - (j) "Vice-President" means the Vice-President of the Council; (k) "year" means the period commencing on the 1st day of April of any year and ending on the 31st day of March of the succeeding year. (2) Save as otherwise provided in this Act, a member of the Institute shall be deemed "to be in practice" when, individually or in partnership with one or more members of the Institute in practice,[3] [or in partnership with members of such other recognised professions as may be prescribed] he, in consideration of remuneration received or to be received,— - (i) engages himself in the practice of[7] [cost accountancy]; or (ii) offers to perform or performs services involving the costing or pricing of goods or services or the preparation, verification or[8] [certification or auditing of cost accounting and related statements or holds himself out to the public as a cost accountant in practice]; or Provided that a person who has been removed from membership for a specified period, shall not be entitled to have his name entered in the[6] [Register of members] until the expiry of such period. 1. Subs. by Act 7 of 2006, s. 5, for sub-section (2) (w.e.f. 8-8-2006). 2. The words "which shall not exceed rupees three thousand" omitted by Act 12 of 2022, s. 44 (w.e.f. 10-5-2022). 3. The proviso omitted by s. 44, ibid . (w.e.f. 10-5-2022). 4. Subs. by s. 44, ibid ., for "Provided further that" (w.e.f. 10-5-2022). 5. Ins. by Act 7 of 2006, s. 5 (w.e.f. 8-8-2006). 6. Subs. by Act 12 of 2022, s. 45, for "Register" (w.e.f. 10-5-2022). 7. Ins. by s. 45, ibid . (w.e.f. 10-5-2022). 8. Subs. by s. 45, ibid ., for "without India" (w.e.f. 10-5-2022). 1. Subs. by Act 10 of 2012, s. 2, for "Institute of Cost and Works Accountants of India" (w.e.f. 1-2-2012). 2. Subs. by Act 12 of 2022, s. 40, for clause (fa) (w.e.f. 10-5-2022). 3. Ins. by Act 10 of 2012, s. 2 (w.e.f. 1-2-2012). 4. Subs. by Act 12 of 2022, s. 40, for clause (i) (w.e.f. 10-5-2022). 5. Ins. by Act 7 of 2006, s. 2 (w.e.f. 8-8-2006). 6. Ins. by Act 12 of 2022, s. 40 (w.e.f. 10-5-2022). 7. Subs. by Act 10 of 2012, s. 2 , for "cost and works accountancy" (w.e.f. 1-2-2012). 8. Subs. by s. 2, ibid ., for "certification of cost accounting and related statements or holds himself out to the public as a cost accountant in practice" (w.e.f. 1-2-2012). (iii) renders professional services or assistance in or about matters of principle or detail relating to cost accounting procedure or the recording, presentation or certification of costing facts or data; or (iv) renders such other services as, in the opinion of the Council, are or may be rendered by a cost accountant in practice; and the words "to be in practice", with their grammatical variations and cognate expressions, shall be construed accordingly. Explanation .—A member of the Institute who is a whole-time salaried employee of any person shall not be deemed to be in practice within the meaning of this sub-section.