Section 23

The principal enactment is hereby amended by the addition immediately after Schedule B thereof of the following new Schedules which shall have effect as

Schedule C and Schedule D of that enactment:-

“ SCHEDULE C

[Section 7]

Every application for enrolment in any grade of Corporate Members shall:-

be made to the Honorary General Secretary of the Council;

be in such form as may be provided for the purpose by the

state the qualifi cations by virtue of which the applicant is eligible for enrolment in that grade and be supported by an affi davit as to such qualifi cations;

be signed by the applicant;

be accompanied by the amount of the appropriate application fee, entrance fee and membership fee; and

be recommended by two members of the Council or by four members of the Institute of whom one shall be a Fellow, one

Every application for enrolment in any grade of Non-Corporate

be made in such form as may be provided for the purpose by the

state the qualifi cations by virtue of which the applicant is eligible for enrolment in that grade and where the application is for enrolment in any grade other than that of Honorary Member, be supported by an affi davit as to such qualifi cations;

be signed by the applicant;

where such application is for enrolment in any grade other than that of Honorary Member, be accompanied by the amount of the appropriate application fee, entrance fee and membership fee, or where the application is for enrolment as an Honorary Member, be accompanied by the appropriate membership fee; and

be recommended by atleast two Corporate Members.

unbefi tting his status as a member;

discrediting or attempting to discredit the profession of valuation or the Institute;

involving in any act detrimental to the profession of valuation or undermining the interests of the Institute;

discrediting or attempting to discredit the professional reputation or skill of any other member;

when acting for a client or when in contemplation of acting for a prospective client, whose interests confl ict or may confl ict with his own, or those of any of his business associates, not disclosing the relevant facts forthwith to the client or prospective client and to the business associates and where such disclosure is oral, not confi rming the same in writing at the earliest opportunity and not informing the client that he will be unable to act or continue to act unless the client requests him to do so;

failure to ensure that neither he personally, nor any fi rm or company in the profession of valuation, of which he is a

failure to obtain suffi cient information to warrant the expression of an opinion;

quoting a fee in competition for professional services without having received an invitation to do so and without suffi cient information to enable the member to assess the nature and scope of the services required;

having once quoted a fee for professional services, revising that quotation taking into account the fee quoted by another member for the same service;

quoting a fee for professional services which is to be calculated by reference to the fee quoted or charged by another member;

accepting any professional matter which may embarrass him by reason of his holding any offi ce or appointment or where there is a loss of confi dence between a member and his client;

not giving reasonable notice to a client on behalf of whom the member ceases to act:

disclosing personal or confi dential information acquired in the performance of any professional work except when required to do so by the person who entrusted him with that work or

resorting by himself or through another, directly or indirectly, to the practice of soliciting work;

using any advertisement, stationery, card or announcement by a member containing-

an inaccurate statement of fact;

an explicit solicitation of instructions;

an explicit comparison between the services offered by the member and the services offered by other members or fi rms;

a claim by a member or his fi rm, to have been “Specialized in” or “Expert in” any particular aspect of the profession of valuation;

appearing in any other name or designation different to that by which he is registered in the Institute when he performs any professional functions such as issuing valuation reports and advice on matters relating to valuation unless such name or designation is recognized by the Institute;

displaying gross negligence in the performance of his professional work;

knowingly, negligently or fraudulently expressing an incorrect opinion on valuation or furnishing an incorrect valuation, to a client;

deviating from or failure to comply with any valuation standards determined under section 5, without a reason acceptable to the

tampering with the membership seal or any other form of identity issued to the members by the Institute.”.