INSTITUTE OF VALUERS OF SRI LANKA LAW

Arrangement of Sections

1. Short title.

2. Establishment of the Institute of Valuers of Sri Lanka.

3. Incorporation of the Institute.

4. Objects of the Corporation.

5. Powers of the Corporation.

6. How the seal of the Corporation is to be affixed.

7. Application and fee for membership of the Institute.

8. Council of the Institute.

9. Term of office of members of the Council.

10. Meetings of the Council.

11. Qualifications for election of office-bearers of the Council.

12. Procedure for election of office-bearers of the Council.

13. President.

14. Honorary General Secretary.

15. Honorary general treasurer.

16. Committees of the council.

17. Power of Minster to make rules, or Regulations.

18. Sessions of Institute.

19. First conference of the Institute.

20. Special General Meeting of the Institute.

21. Ordinary General Meeting of the institute.

22. Disenrollment or suspension of members of the Council.

23. Use of titles and designations.

24. Restrictions as to use of titles.

25. "Meaning of practice” as valuer.

26. Offences.

27. Sanction of prosecutions.

28. Finance.

29. Fund of the Institute.

30. Financial year of the Institute.

31. Application of the provisions of the Public Corporations (Financial Control) Act.

SCHEDULES

33 of 1975.

A LAW to provide for the establishment of an Institute of Valuers of Sri Lanka and of a council of the institute which shall be responsible for the management of its affairs and for the control of the maintenance of professional standards and discipline by members of the institute and for matters connected therewith or incidental thereto.

[Date of Commencement: 3rd January, 1977]

1. Short title.

This Law may be cited as the Institute of Valuers of Sri Lanka Law.

2. Establishment of the Institute of Valuers of Sri Lanka.

(1) There shall be established an institute with the name "The Institute of Valuers of Sri Lanka”(hereinafter referred to as the "Institute”).

(2) The members of the Institute shall consist of corporate and non-corporate members admitted and enrolled in accordance with the rules or regulations made hereunder.

3. Incorporation of the Institute.

From and after the 3rd day of January, 1977, such and so many persons as are for the time being enrolled as corporate members of the Institute, shall by virtue of these presents be members of and form a body corporate (hereinafter referred to as the "Corporation”) by which name they shall have perpetual succession and a common seal and with full power and authority to use, alter, vary, break and renew such seal from time to time at their discretion, and by the same name shall and may sue and be sued in all courts and in all manner of actions and suits and shall have power to do all other matters and things incidental or appertaining to a body corporate.

4. Objects of the Corporation.

The general objects for which the Corporation is constituted are hereby declared to be—

(a) to promote and foster the study of the science of valuation;

(b) to promote and foster the study of property management both urban and agricultural;

(c) to promote and foster the study of such branches of the law as are necessary for or relevant to the practice of valuation;

(d) to promote the acquisition, dissemination and interchange of knowledge relating to or connected with the science of valuation by—

(i) providing a forum for the presentation of papers and for holding discussions thereon,

(ii) establishing and maintaining libraries,

(iii) publishing matters of interest to persons engaged in the practice of valuation, and

(iv) any other means;

(e) to conduct, or provide for the conduct of, qualifying examinations for membership of the Institute, and to provide or approve courses of study for such examinations, and to engage and remunerate lecturers and examiners;

(f) to award diplomas, certificates and other distinctions to persons, who have pursued courses of study provided or approved by the Institute and who have passed the examinations of the Institute;

(g) to award scholarships, exhibitions, bursaries and medals and other prizes;

(h) to assess the eligibility of candidates for admission to the various grades of membership;

(i) to regulate the general conduct and the professional activities of persons practicing as valuers in order to ensure the maintenance of high standards in the profession;

(j) generally to protect and promote the interest and welfare and the rights and privileges of the profession of valuers in Sri Lanka and of the public in relation to that profession;

(k) to express the opinion of the members of the Institute on legislative and other matters affecting the profession of valuers;

(l) to enter into co-operation with organisations in or outside Sri Lanka having allied interests and functions and with professional organisations in Sri Lanka on matters of common interest;

(m) to advise and communicate with public authorities on matters relating to valuation;

(n) to undertake arbitration to determine any disputes on valuation which may be referred to the Institute; and

(o) to take such other measures, including the establishment and maintenance of data banks, as may be necessary for the benefit or advancement of those who practice valuation in Sri Lanka.

5. Powers of the Corporation.

The Corporation may exercise all or any of the following powers—

(a) to acquire by purchase, gift, bequest, exchange or in any other manner and hold any movable or immovable property and to take or give on lease or mortgage, sell, grant, exchange or otherwise dispose of any such property acquired or held by the Institute;

(b) to construct, purchase, maintain and repair anything required for the purposes of the Institute;

(c) to borrow or raise money with or without security for any of the purposes of the Institute;

(d) to employ such officers and servants as may be necessary to carry out the work of the Institute and to pay their salaries, gratuities and allowances;

(e) to pay allowances and gratuities and to make ex gratia payments to officers and servants of the Institute upon their retirement and to the widows and orphans of such officers and servants;

(f) to establish a fund for the grant of financial assistance to the widows and orphans of corporate members and honorary members;

(g) to establish a fund for the grant of financial assistance to corporate members and honorary members who are incapacitated;

(h) to charge fees for admission of persons to any grade of membership and for the renewal of such membership;

(i) to charge fees for the admission of persons to the qualifying examinations and the courses of study provided by the Institute;

(j) to utilise the moneys of the Institute to meet all expenditure incurred in carrying out its objects, in remunerating its employees and in the exercise of its powers and duties;

(k) to invest such moneys of the Institute as are not immediately required for the purposes of the Institute in any such securities and in such manner as the Corporation may deem fit; and

(l) to take all such steps as may be necessary or desirable for the promotion of all or any of the objects of the Institute.

6. How the seal of the Corporation is to be affixed.

The seal of the Corporation shall be in the safe custody of the Council, and shall not be affixed to any instrument whatsoever except with the authority of the Council previously obtained, and in the presence of the president and the honorary general secretary or such other member of the Council, as the Council may appoint, who shall sign their names to the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.

7. Application and fee for membership of the Institute.

Every application and the fee for enrolment as a member of the Institute shall be in accordance with the provisions set out in Schedule A hereto.

8. Council of the Institute.

(1) There shall be a Council of the Institute in this Law referred to as "the Council” which shall, subject to the rules or regulations made under section 17, administer the affairs of the Institute and be responsible for exercising and carrying out the powers, functions and duties of the Institute under this Law.

(2) The Council shall consist of the following members—

(a) the president, two vice-presidents, and honorary general secretary, an honorary assistant general secretary, and honorary general treasurer, all of whom shall be elected by the corporate members from among themselves at a session of the Institute;

(b) two members elected from each of the following grades of corporate members, namely Fellow, Graduate, Associate and Licentiate;

(c) two corporate members appointed by the Minister;

(d) the person holding office for the time being as Chief Valuer;

(e) the person holding office for the time being as the Municipal Assessor of the Municipal Council of Colombo;

(f) the person who last held the post of president;

Provided, however, that in the case of the first Council, the president and other members of the Council specified in paragraphs (a) and (b) of this subsection shall be appointed by the Minister and shall hold office unless removed earlier, till the effluxion of the period for which they are appointed. In order that the Minister may so appoint, the enrolling officer shall, as soon as may be after the expiry of the date fixed by the Minister under paragraph 1(1)(a) of Schedule A hereto, furnish to the Minister a list of persons enrolled in the different grades of corporate members.

9. Term of office of members of the Council.

(1) Every member of the Council shall, unless he earlier vacates his office or is removed by the Minister, hold office—

(a) if he is an elected member of the Council until the election of new members under section 18;

(b) if he is a member appointed by the Minister under paragraph (c) of subsection (2) of section 8, until such time another member is appointed in his place by the Minister.

(2) Every member of the Council other than the members referred to in paragraphs (d) and (e) of subsection (2) of section 8, shall vacate office—

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