(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 Actuaries in practice as a Member or an employee of a company, he, whether or not in consideration or remuneration received or to be received,-(i)engages himself in Actuarial profession; or(ii)offers to perform or performs services involving the application of Actuarial techniques in the fields of insurance, pension, investment, finance and management; or(iii)renders such other services as, in the opinion of the Council, are or may be rendered by an Actuary in practice; or(iv)is in employment of a person engaged in one or more of the activities mentioned in clauses (i), (ii) and (iii) above, and the words "to be in practice" with their grammatical variations and cognate expressions shall be construed accordingly.Explanation.-For the purposes of this sub-section, the expression "company" includes a public financial institution as defined in section 4-A of the Companies Act, 1956 (1 of 1956).
