Valuation by registered valuers: mandatory impartial appointments, duties, conflict prohibitions and criminal and civil liabilities for breaches.

Valuations required under the Act must be performed by a registered valuer with prescribed qualifications and experience, appointed by the audit committee or the Board. The valuer must make an impartial, true and fair valuation, exercise due diligence, follow prescribed rules, and avoid any direct or indirect interest in the assets valued. Breach of the section or rules attracts penal sanctions, and conviction renders the valuer liable to refund remuneration and to pay damages for loss arising from incorrect or misleading statements in the valuation report.

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