TMI BlogGovernance Structure and Model Bye Laws for registered valuers organisation Part IX X X X Extracts X X X X X X X X Extracts X X X X ..... nd proper persons. 2. REGISTERED VALUERS ORGANISATION TO HAVE BYE-LAWS (1) The registered valuers organisation shall submit to the authority its bye-laws along with the application for its registration as a registered valuers organisation. (2) The bye-laws shall provide for all matters specified in the model bye-laws in Part II. (3) The bye-laws shall at all times be consistent with the model bye-laws. (4) The registered valuers organisation shall publish its bye-laws, the composition of all committees formed, and all policies created under the bye-laws on its website. 3. AMENDMENT OF BYE-LAWS (1) The Governing Board may amend the bye-laws by a resolution passed by votes in favour being not less than three times the number of the votes, if any, cast against the resolution, by the directors. (2) A resolution passed in accordance with sub-bye law (1) shall be filed with the authority within seven days from the date of its passing, for its approval. (3) The amendments to the bye-laws shall come into effect on the seventh day of the receipt of the approval, unless otherwise specified by the authority. (4) The registered valuers organisation shall file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng as assigned to it in clause (77) of section 2 of the Companies Act, 2013 (18 of 2013); (2) Unless the context otherwise requires, words and expressions used and not defined in these bye-laws shall have the meanings assigned to them in the Companies Act, 2013 (18 of 2013). III. OBJECTIVES 5. (1) The Organisation shall carry on the functions of the registered valuers organisation under the Companies (Registered Valuers and Valuation) Rules, 2017, and functions incidental thereto. (2) The Organisation shall not carry on any function other than those specified in sub-clause (1), or which is inconsistent with the discharge of its functions as a registered valuers organisation . IV. DUTIES OF THE ORGANISATION 6. (1) The Organisation shall maintain high ethical and professional standards in the regulation of its members. (2) The Organisation shall - (a) ensure compliance with the Companies Act, 2013 and rules, regulations and guidelines issued thereunder governing the conduct of registered valuers organisation and registered valuers; (b) employ fair, reasonable, just, and non-discriminatory practices for the enrolment and regulation of its members; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to remove the deficiencies, if any, in the application. (4) The Organisation may require an applicant to submit additional documents, information or clarification that it deems fit, within reasonable time. (5) The Organisation may reject an application if the applicant does not satisfy the criteria for enrolment or does not remove the deficiencies or submit additional documents or information to its satisfaction, for reasons recorded in writing. (6) The rejection of the application shall be communicated to the applicant stating the reasons for such rejection, within thirty days of the receipt of the application, excluding the time given for removing the deficiencies or presenting additional documents or clarification by the Organisation, as the case may be. (7) The acceptance of the application shall be communicated to the applicant, along with a certificate of membership. (8) An applicant aggrieved of a decision rejecting his application may appeal to the Membership Committee of the Organisation within thirty days from the receipt of such decision. (9) The Membership Committee shall pass an order disposing of the appeal in the manner it deems expedient, within t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence number of valuation assignment and valuation report. 17. The Monitoring Committee shall review the information and records submitted by the members in accordance with the Monitoring Policy. 18. The Monitoring Policy shall provide for the following - (a) the frequency of monitoring; (b) the manner and format of submission or collection of information and records of the members, including by way of inspection; (c) the obligations of members to comply with the Monitoring Policy; (d) the use, analysis and storage of information and records; (e) evaluation of performance of members; and (f) any other matters that may be specified by the Governing Board. 19. The Monitoring Policy shall (a) have due regard for the privacy of members, (b) provide for confidentiality of information received, except when disclosure of information is required by the authority or by law, and (c) be non-discriminatory. 20. The Organisation shall submit a report to the authority in the manner specified by the authority with information collected during monitoring, including information pertaining to - (a) the details of the appointments made under the Act/these R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause notice based on the facts; (c) disposal of show-cause notice by a reasoned order, following principles of natural justice; (d) timelines for different stages of disposal of show cause notice; and (e) rights and obligations of the parties to the proceedings. (2) The orders that may be passed by the Disciplinary Committee shall include- (a) expulsion of the member; (b) suspension of the member for a certain period of time; (c) admonishment of the member; (d) imposition of monetary penalty; (e) reference of the matter to the authority, which may include, in appropriate cases, recommendation of the amount of restitution or compensation that may be enforced by the authority; and (f) directions relating to costs. (3) The Disciplinary Committee may pass an order for expulsion of a member if it has found that the member has committed- (a) an offence under any law for the time being in force, punishable with imprisonment for a term exceeding six months, or an offence involving moral turpitude; (b) a gross violation of the Act, rules, regulations and guidelines issued thereunder, bye-laws or directions given by the Governing Board which renders him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the appointment of another registered valuer may be detrimental to such process. (3) A member may make an application to revive his temporarily surrendered membership when the conditions for temporary surrender as provided in sub-clause (1) cease to be applicable, and upon acceptance of the application for revival, the name of the member shall be re-inserted in the register of the Organisation, and the same shall be intimated to the authority. Surrender of Membership 27. (1) A member who wishes to surrender his membership of the Organisation may do so by submitting an application for surrender of his membership. (2) Upon acceptance of such surrender of his membership, and completion of thirty days from the date of such acceptance, the name of the member shall be struck from the registers of the Organisation, and the same shall be intimated to the authority. 28. Any fee that is due to the Organisation from a member surrendering his membership shall be cleared prior to his name being struck from the registers of the Organisation. 29. The Organisation may refuse to accept the surrender of membership by any member if - (a) there is any grievance or disciplina ..... X X X X Extracts X X X X X X X X Extracts X X X X
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