law: The Actuaries Act, 2006
  12. Composition of
  
  Council of Institute. -. 
  1. 
  
   There
  
  shall be a Council of the Institute for the management of the affairs of the
  
  Institute and for discharging the functions assigned to it by or under this
  
  Act.
  2. 
  
   The
  
  Council shall be composed of the following persons, namely:-
  a.    a minimum of nine and
  
  not more than twelve persons from amongst fellow members to be elected by the
  
  fellow and the associate members of the Institute in such manner as may be
  
  prescribed: Provided that a fellow of the Institute, who has been found guilty
  
  of any professional or other misconduct and whose name is removed from the
  
  Register or has been awarded penalty of fine, shall not be eligible to contest
  
  election,-
   
  
  i. 
  
  
  
   in
  
  case of misconduct falling under the Schedule of this Act [except Part IV(B)],
  
  for a period of three years; or
   
  
  ii. 
  
   in
  
  case of misconduct falling under Part IV(B) of the Schedule of this Act, for a
  
  period of six years, after the completion of the period of removal of name of
  
  the fellow from the Register or the payment of fine is made, as the case may
  
  be; and
  a. 
  
    
  b.   
   
  
  i. 
  
   an
  
  officer not below the rank of Joint Secretary to the Government of India, to be
  
  nominated by the Central Government to represent the Ministry of Finance;
   
  
  ii. 
  
   one
  
  person from the Insurance Regulatory and Development Authority constituted
  
  under the Insurance Regulatory and Development Authority Act, 1999 nominated by
  
  the Central Government; and
   
  
  iii. 
  
   not
  
  more than two persons having knowledge in the field of life insurance, general
  
  insurance, finance, economics, law, accountancy or any other discipline which
  
  in the opinion of the Central Government, would be useful to the Council, to be
  
  nominated in such manner as may be prescribed: Provided that till such time as
  
  the Council is constituted under this Act, the Executive Committee of the
  
  Actuarial Society shall discharge all the functions and shall have all the
  
  powers of the Council.
  1. 
  
    
  2. 
  
    
  3. 
  
   No
  
  person holding a post under the Central Government or a State Government, as
  
  the case may be, shall be eligible for election to the Council under clause (a)
  
  of sub-section (2).
  4. 
  
   One-third
  
  of the members of the Council referred to in clause (a) of sub-section (2)
  
  shall retire as soon as may be on the expiration of every second year by
  
  rotation but shall be eligible for re-election.
  5. 
  
   Any
  
  person nominated under clause (b) of sub-section (2) shall hold office for a
  
  period of six years from the date of his nomination unless he is removed
  
  earlier by the Central Government and shall be eligible for re-nomination:
  
  Provided that he shall be given an opportunity of being heard before such
  
  removal.