(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.