Registered valuers organisations must be section 8 companies with prescribed governance, membership, monitoring and disciplinary rules. Recognition requires a section 8 company with sole object as a registered valuers organisation, limits on foreign control and shareholding, no multi layer subsidiaries, and fit and proper status. The organisation must adopt and publish model consistent bye laws, maintain a Governing Board with specified residency, independence and composition rules, establish Membership, Monitoring, Grievance and Disciplinary Committees chaired by independent directors, maintain a member register, enforce member duties and a Code of Conduct, implement Monitoring and Grievance policies, and operate disciplinary procedures with specified sanctions and an Appellate Panel; rules for surrender and expulsion of membership are prescribed.