(1) The1[Chief Commissioner or Director-General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers.
(2) Any person who possesses the qualifications prescribed in this behalf may apply to the1[Chief Commissioner or Director-General]in the prescribed form for being registered as a valuer under this section:
Provided that different qualifications may be prescribed for valuers of different classes of assets.
(3) Every application under sub-section (2) shall be verified in the prescribed manner, shall be accompanied by such fees as may be prescribed and shall contain a declartion to the effect that the applicant will
(i) make an impartial and true valuation of any asset which he may be required to value;
(ii) furnish a report of such valuation in the prescribed form;
(iii) charge fees at a rate not exceeding the rate or rates prescribed in this behalf;
(iv) not undertake valuation of any asset in which he has a direct or indirect interest.
(4) The report of valuation of any asset by a registered valuer shall be in the prescribed form and be verified in the prescribed manner.
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1. Substituted by Act 26 of 1988, section 58, for "Board" w.e..f 1-6-1988.