Azerbaijan to set up Chamber of Appraisers

Economy Materials 25 September 2023 13:03 (UTC +04:00)
Azerbaijan to set up Chamber of Appraisers
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, September 25. Chamber of appraisers will be established in Azerbaijan, Trend reports.

This is stated in the draft law of the Republic of Azerbaijan, "On appraisal activity," discussed today at the meeting of the Economic Policy, Industry, and Entrepreneurship Committee of Milli Majlis (Parliament).

According to the draft law, the Chamber of Appraisers is a non-commercial legal entity established on the basis of compulsory membership of appraisers and carrying out its activities based on the principle of self-government.

Persons who are not members of the Chamber will not be able to engage in appraisal activities in the territory of the Republic of Azerbaijan.

The activities of the Chamber of Appraisers are regulated by the Non-Governmental Organizations (Public Associations and Foundations) Act and the Statute of the Chamber of Appraisers.

The functions of the Chamber of Appraisers include:

to make proposals for improving the legislation on appraisal activities;

approve valuation approaches and methods;

accept or terminate membership in the chamber in accordance with the requirements of the law, determine the amount of the membership fee and the form of its payment;

approve the rules of ethical behavior of the appraiser and control compliance with the requirements of these rules by its members;

take measures to organize additional training for appraisers;

represent the interests of the Chamber members in relations with state bodies (institutions) and local authorities, as well as international professional associations of appraisers;

protect the rights and legitimate interests of members of the Chamber;

- keep a register of current and former members of the Chamber separately and place on the official website information on the name, surname, patronymic of each of them, work experience, education, availability of a qualification certificate, and a certificate of insurance for the professional liability of the appraiser and insurer;

consider appeals from clients and other persons regarding the activities of members of the chamber;

impose disciplinary penalties on members of the Chamber in accordance with the law;

organize informational and methodological support for the members of the Chamber;

once a year, not later than the 20th day of the month following the reporting year, to post information on its activities and the activities of the Chamber members on its official website.