Marvin Mandel, Governor                          1925

tion of Colleges and Secondary Schools, or the equivalent regional
accrediting association for other regional areas, or by any other
institution approved and recognized by the Board.

(c) The requirement for college education in subsection (a) and
(b) [(1)] of this section shall not apply to any person otherwise
qualified under Section 2 (a) (1) to (4), inclusive [and subsection

(a) (1)] of this section who prior to the effective date of this act
[October 15, 1962:

(1)  Shall] shall have taken an examination under the laws of
this State then or formerly in effect, or whose application to take
such examination shall have been accepted by the Board, [or

(2)  Shall have graduated from or completed an accounting major
at a Board-recognized school or schools as provided in subsection (a)
(2) of this section, or was enrolled as a student in each school for
its professional training course in public accountancy, or for a pro-
gram of supplemental studies approved in writing on behalf of the
Board; provided that such graduate or other person applies to take
the examination by October 15, 1964, or such student completes his
course or program and applies to take the examination by October
15, 1967.

(d) The requirements for graduation from a school of accoun-
tancy and for college education in subsection (b) of this section
shall not apply to any otherwise qualified person who prior to
October 15, 1962, shall have had public accounting experience or
combination of experience and institutional training sufficient to
qualify him under the alternative requirement in subsection (a) (3)
of this section, or who was then in process of obtaining such experi-
ence or combination, provided that he meets the requirement and
applies to take the examination by October 15, 1966.]

[(e)] (d) In general, the applicable requirements under sub-
sections (a) [,] and (b) [and (c)] of this section shall be those in
effect on the date of the first examination for which the candidate
applies; but the Board may recognize exceptions to the general rule
in order to prevent what it may determine to be undue hardship to
candidates resulting from changes in the requirements as therein
provided.

4. THE EXAMINATION

(a)  The examination shall include theory of accounts, accounting
practice, auditing, commercial law, [principles of economics unless
and until the Board otherwise orders,] and such other related or
substituted subjects as the Board may deem to be appropriate. It
shall be held twice each year. Every candidate must meet the
requirements in Section 2 (a) (1) to (4) inclusive, and the appli-
cable requirements in Section 3.

(b)   The passing mark shall be seventy-five per centum in each
subject. Every candidate shall be notified by mail of his marks, and
may have access to his examination answers during the ensuing
sixty days. A member in good standing of the bar of the highest
court of any state shall be deemed to have met the requirements in
commercial law without examination.