Azerbaijan, Baku, Nov. 27 / Trend A. Akhundov /
The Azerbaijani Chamber of Appraisers must register appraisers in the country and in case of necessity inform the concerned individuals about the information from the registry, the bill said.
A bill on appraisal discussed in the parliament requires establishing the Azerbaijani Chamber of Appraisers.
The bill defines the Azerbaijani Chamber of Appraisers as an independent self-governing organization established by the appraisers to regulate and control evaluation activity, form a single evaluation practice and suitable sphere of appraisal services, coordinate the activity of appraisers.
Azerbaijani Chamber of Appraisers is a legal entity. Its activity will be governed by the law and charter to be adopted within the law.
The Chamber of Appraisers must prepare the proposals to define and implement the state policy in the field of evaluation activity, to improve the legal and economic regulation of the evaluation activity, draft legal acts regulating the evaluation activity. The chamber must also prepare evaluation standards, prepare and adopt rules of working and professional ethics, protect the rights and legitimate interests of appraisers, prevent conflicts of appraisers' interests and take actions to resolve these situations, determine the amount and manner of payment of dues, examine the evaluation reports so on.
A general meeting of the organization, along with the board, is the governing body of the chamber and must be convened at least once a year. Chairman of the Board, his deputy and other members of the board (at least seven) are elected by the General Meeting for a period of five years.
The evaluation activity will be controlled in the form of scheduled and unscheduled inspections by structural departments of the chamber. The inspection must be conducted at least once every three years and not more than once a year. The inspection must not exceed one month.
The advisory council will be created under the chamber. It must be formed of at least seven people. The expert council will conduct the expertise for compliance with the laws of evaluation reports of the expert council, as well as reports on the evaluation of securities.
According to the bill, the Constituent Assembly of Azerbaijani Chamber of Appraisers must be held within three months from the date of entering the law into force.
The Economic Policy Committee of the Azerbaijani parliament decided last Friday to establish a working group to improve the bill and to send it to the relevant state agencies for getting the conclusions after the bill was discussed.