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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 ..... 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 a printed copy of the amended bye-laws with the au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erwise 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; (c) be accountable to the authority in relation to all bye-laws and directions issued to its members; (d) develop the profession of registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 thirty days of the receipt of the appeal. Membership Fee. 11. The Organisation may require the members to pay a fixed sum of money as its annual membership fee. Register of Members. 12. (1) The Organisation shall maintain a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 Rules, (b) the transactions conducted with stakeholders during the period of his appointment; (c) the transactions conducted with third parties during the period of his appointment; and (d) the outcome of each appointment. IX. GRIEVANCE REDRESSAL MECHANISM 21. (1) The Organisation shall have a Grievance Redressal Policy p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 not a fit and proper person to continue acting as a registered valuer. (4) Any order passed by the Disciplinary Committee shall be placed on the website of the Organisation within seven days from passing of the said order, with one copy each being provided to each of the parties to the proceeding. (5) Monetary penalty received by the Organisation under the orders of the Disciplinary Committee shall be used for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 disciplinary proceeding pending against the member before the Organisation or the authority; or (b) the member has been appointed as a registered valuer process under the Companies Act, 2013, and the appointment of another registered valuer may be detrimental to such process. Expulsion from Membership. 30. A member shall be expelled by the Organisation- (a) if he becomes ineligible to be enrolled under bye-law 9; (b) on expiry of thirty days from the order of the Disciplinary Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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