INSTITUTE OF VALUERS OF SRI LANKA LAW
Arrangement of Sections
1. Short title.
2. Establishment of the Institute of Valuers of Sri Lanka.
2A. Grading of members.
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 for membership of the Institute.
7A. Period of membership and renewal.
7B. Application fee etc.
7C. Registers.
7D. Cessation of membership.
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 Minister 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 by the Council.
23. Use of titles and designations.
24. Restrictions as to use of titles.
25. “Meaning of practice” as valuer.
25A. Valuation of movable property and intangible assets.
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.
32. Interpretation.
SCHEDULES
33 of 1975,
9 of 2019.
A LAW to provide for the establishment of an Institute known as the Institute of Valuers of Sri Lanka and a council of the Institute which shall be responsible for the management of the affairs of the institute and for the maintenance of professional standards and discipline of members of the Institute; and for the protection and promotion of the interests of the public in relation to the profession of valuers and for matters connected therewith or incidental thereto.
[Long title subs by s 2 of Act 9 of 2019.]
[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.
[S2(2) am by s 3 of Act 9 of 2019.]
2A. Grading of members.
The grading of members of the Institute shall be as specified in Schedule A to this Act.
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;
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