(1) Any of the following persons shall be entitled to have his name entered in the ¹[Register of members], namely:--
         (i) any person who was an associate or a fellow of the dissolved company (other than an honorary associate or honorary fellow thereof) immediately before the commencement of this Act, except any such person who is not a permanent resident of India and is not at such commencement practicing as a cost accountant in India;
         (ii) any person who has passed such examination and completed such training as may be prescribed for members of the Institute;
         (iii) any person who, at the commencement of this Act, is engaged in the practice of cost accountancy in India and who fulfills such conditions as the Central Government or the Council may specify in this behalf;
         (iv) any person who has passed such other examination and completed such other training ²[outside India] as is recognised by the Central Government or the Council as being equivalent to the examination and training prescribed for members of the Institute:
         Provided that in the case of any person who is not permanently residing in India, the Central Government or the Council may impose such further conditions as it may deem fit;
         (v) any person domiciled in India, who at the commencement of this Act is studying for any foreign examination and is at the same time undergoing training, whether within or ²[outside India], or, who, having passed such examination, is at such commencement undergoing training whether within or ²[outside India]:
         Provided that such foreign examination and training are recognised by the Central Government or the Council in this behalf:
         Provided further that the person passes the examination and completes his training within five years from the commencement of this Act.
     (2) Every person belonging to the class mentioned in clause (i) of sub-section (1) shall have his name entered in the ¹[Register of members] without the payment of any entrance fee.
     ³[(3) Every person belonging to any of the classes mentioned in clauses (ii), (iii), (iv) and (v) of sub-section (1) shall have his name entered in the ¹[Register of members] on an application being made and granted in the prescribed manner and on payment of such fees, as may be determined, by notification, by the Council ⁴***:
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     (4) The Central Government 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 (i) of sub-section (1) entered in the ¹[Register of members] at the commencement of this Act.