MEMBERSHIP

4.1 INDIVIDUAL MEMBERSHIP

Each person who after the date of formation of the Institute desires to be admitted as a member shall make application to the Executive Committee on the prescribed form set out in the by-laws and shall be admitted in accordance therewith.

After admission his name shall be recorded in the register of members on compliance by him with such formalities as the Executive Committee in its discretion may prescribe. There shall be three classes of individual membership known as "fellow", "associate" and "member" as more fully defined in the by-laws.

4.2 CORPORATE MEMBERSHIP

This class of Membership of the Institute is by election and applications shall be considered by the Executive Committee from corporate bodies engaged in South African business enterprises having or wishing to establish an interest in the Objects of the Institute which applications shall be voted upon by the Executive Committee provided that:

(a) A person who is elected as the representative of a Corporate member shall be a Chief Risk Officer, Manager or Head of an Insurance or Risk Management or Internal Audit Department or Compliance Officer in a South African business enterprise, or other person of similar standing.

(b) A person not coming within the above definitions, but who can otherwise show reason why he is eligible to be elected as a representative of a corporate member, may be so elected at the discretion of the Executive Committee of the Institute;

4.3 MEMBERSHIP - GENERAL

(a) Notwithstanding anything to the contrary herein the Executive Committee shall in any event have the right to refuse to elect any person or corporation to membership of the Institute without giving reasons for such refusal.

(b) Where the context so requires the word "member" where it appears in this Constitution or in any by-laws prepared in terms of this Constitution shall be deemed to include a person elected as the representative of a corporate member in terms of paragraph 4.2 of this Article.

4.4 All persons who were members of the Society of Risk Managers (South Africa) and the South African Risk and Insurance Management Association as at the 30th April 2003 automatically qualify for membership of this Institute without the need for any formality and their names shall be recorded as such in the register of members of this Institute.