58Valuations of property to be made by sworn or affirmed valuators

58 Valuations of property to be made by sworn or affirmed valuators

(1) No advance to a member of a society shall be made upon the security of any freehold property unless a valuation of that property in accordance with this Division of this Part is first obtained by the board.

S. 58(2) substituted by No. 7575 s. 4, amended by Nos 8405 s. 7(b), 67/2017 s. 75(3)(a).

(2) Every valuation of freehold property for the purposes of any advance to be made by a society upon the security of that property shall be made by a valuer.

S. 58(3) amended by No. 67/2017 s. 75(3)(b).

(3) Every valuer's report to the board on any property shall be verified in the prescribed manner and shall set forth full particulars with respect to the property and the manner in which the valuation is arrived at and such further particulars as are prescribed.

S. 58(4) amended by No. 67/2017 s. 75(3)(c).

(4) If the board is not satisfied with the accuracy of any valuation or of any of the particulars set forth in the valuer's report, the board shall cause a further valuation or (where the case so requires) further valuations to be made and, where two or more valuations have been so made, the lower or lowest of such valuations shall be deemed the valuation for the purposes of the advance to be made by the society.

S. 58(5) substituted by No. 27/2001 s. 8(Sch. 6 item 1.4), amended by No. 67/2017 s. 75(3)(d)(i).

(5) A valuer must not value any property offered as a security for an advance in which any of the following persons is directly or indirectly interested—

S. 58(5)(a) amended by No. 67/2017 s. 75(3)(d)(i).

(a) the valuer;

S. 58(5)(b) amended by No. 67/2017 s. 75(3)(d)(ii).

(b) the valuer's spouse or domestic partner;

S. 58(5)(c) amended by No. 67/2017 s. 75(3)(d).

(c) a relative of the valuer or of the valuer's spouse or domestic partner.

S. 58(6) amended by No. 67/2017 s. 75(3)(e).

(6) Any valuer who knowingly and wilfully—

(a) contravenes the provisions of the last preceding subsection; or

(b) makes any false and fraudulent valuation—

shall, without prejudice to proceedings for any other offence for which he may be liable, be guilty of an offence against this Act and liable to a penalty of not more than $400.

S. 58(7) inserted by No. 9108 s. 3, amended by Nos 36/1990 s. 18, 48/1992 s. 104(e), repealed by No. 91/1994 s. 36(2)(b).

Division 4—Winding up, &c.

No. 6138 s. 59.