Regulations of the lithuanian association of property valuers

  1. GENERAL
    1. The Lithuanian Association of Property Valuers (further referred to as “Association”) is a non-state organisation which, on the basis of professional and common activities, unites natural and legal persons who approve the aims of Association and recognise its regulations.
    2. Association acts in the territory of the Republic of Lithuania.
    3. In its activities, Association follows the Constitution and laws of the Republic of Lithuania and these regulations.
    4. The headquarters of Association’s Board is located in Vilnius.
    5. Association may found its own branches.
    6. Association is a legal person since the date of registration of the Regulations.
    7. Association is liable for its obligations to third parties by its property only.
    8. Association is not liable for its member’s obligations to third parties.

  2. AIMS AND TASKS OF ASSOCIATION
    1. The aims for founding Association are the following:
      • to organise a non-state qualified system for valuation of different property and capital;
      • to take care of training of specialists for valuation of property and capital;
      • to accumulate and provide methodical and other assistance including information on valuation issues;
    2. The tasks of Association are the following:
      • to analyse experience of property valuation in other countries using it in professional activities of property valuers in the Republic of Lithuania;
      • to prepare professional valuers’ training programmes;
      • to organise valuers’ training courses;
      • to co-operate with state institutions in the field of development and implementation of valuation standards;
      • to collect, store and provide information and research surveys related to valuer’s professional activities for Association’s members;
      • to develop relations with non-state and other organisations of the Republic of Lithuania;
      • to develop relations with international and foreign organisations of property valuers and to participate in their activities;
      • to keep accounts of evaluated property on data base.

  3. RIGHTS OF ASSOCIATION
    To implement its aims, Association has right:
      • to organise the publication of training and other literature;
      • to possess the stamp and symbols of Association and to use and replace them at its own discretion;
      • to keep accounts with banks of the Republic of Lithuania and other countries, if it does not contradict laws of the Republic of Lithuania;
      • to be a member of other non-state organisations;
      • to participate in the activities of international organisations and to be their member;
      • to found enterprises related to activities of Association;
      • to make agreements which ensure normal activities of Asso-ciation;
      • to acquire property in any legal way and to dispose of it freely;
      • to grant the qualification of property valuer.

  4. MEMBERSHIP OF ASSOCIATION, RIGHTS AND DUTIES OF MEMBERS
    1. Members of Association (further “members”) may be individual or collective.
    2. Any citizen of the Republic of Lithuania, directly engaged in property valuation, recognising aims and tasks of Association and participating in its activities, may be an individual member.
    3. Any other non-state organisation registered in the Republic of Lithuania (with entered membership) may be a collective member.
    4. Persons well-experienced in one of such activities, as land and other property management and valuation, analysis and rating of economical activities may become members of Association.
    5. New members are admitted to the Association by Boards decision, having filed a written application.
    6. Individual persons should add documents to prove their professional qualification in a field of activities mentioned in clause 4.
    7. Persons who wish to become collective members should provide a certificate of registration or other document to certify the juridical status of the to-be member and their right to undertake activities which entitle them to be members of Association.
    8. Persons who are willing to become collective members should provide recommendations from two true members of Association.
    9. The Board approves the candidature of an individual member by simple voting majority, and that of a collective member – by 2/3 votes of Board’s members who are present at the sitting.
    10. The approval of candidature of a new member by the Board entitles the person to take a qualification examination, the regulations of which are confirmed by the Board. Those persons who pass the examination are given the Member’s Certificate. For a natural and legal persons willing to become a member of Association the qualification examination is passed by its representative. The collective member is given the certificate with indication of the representative who is responsible for a certain field of activities and who passed the qualification examination. The authorised person should be a member of the collective member.
    11. The person becomes a member of Association, when he passes the qualification examination and receives the Member’s Certificate of Association.
    12. The member of Association has right:
      • to use the name of Association’s member in the field of activities indicated in the Member’s Certificate;
      • to elect and be elected into the management of Association;
      • to receive information and training on professional issues;
      • to propose his programmes and projects for implementation in correspondence with aims and tasks of Association;
      • to publish information about his professional activities in publications of Association;
      • to take part in fulfilment of programmes and projects of Association;
      • to require auditing of financial and economical activities of Association;
      • to bear a complaint against Board’s decision’s at the General Meeting of Members;
      • to leave Association at one’s own will;
    13. The member of Association should:
      • observe norms of professional ethics;
      • observe these Regulations;
      • pay timely admittance and membership fee, the rate of which is determined by the Board and approved by the General Meeting of Members;
      • provide information about property valuation to Association’s data base;
      • not spread Association confidential information;
      • develop his skills.
    14. Any physical persons and non-state organisations who support Association by funds and participate in its activities may be sponsors of Association.
    15. Sponsors of Association are admitted by a decision of Board after having filed a written request. When the Board takes a positive decision, the member is given the Certificate.
    16. The rights of Sponsors of Association are the following:
      • to participate at the General Meeting (the Conference) of Members of Association with an advisory vote;
      • to receive information on issues of property valuation;
      • to participate in the fulfilment of programmes and projects of Association.
    17. Every Member of Association has a vote at the General Meeting of Members.
    18. Termination of membership:
      • on a voluntary basis:
        is realised by filing with the Board a written application about leaving the Association and by returning the Member’s Certificate of Association. Decisions of Member’s leaving are taken by the Board. Other members of Association are informed about the Member’s voluntary leaving of Association;
      • exclusion from Association:
        any member may be excluded from Association for violation of laws of the Republic of Lithuania or Regulations of Association. The decision for exclusion in considered accepted if the sitting is participated by not fewer than 2/3 members of Board and if no fewer than ½ members of Board vote for exclusion. The Board should invite the person concerned to the sitting where the item of his exclusion is being solved. The Member of Association has right to appeal to the General Meeting of Members which is to take the final decision.
      • Termination of activities of a collective member is regarded as leaving at one’s own will.

  5. MANAGEMENT OF ASSOCIATION
    1. Management bodies of Association are the General Meeting (the Conference) of Members, the Board and the President.
    2. The General Meeting of Members is the supreme body of management. All members of Association have right to participate there. Every true member has one vote. Any Associated member, specialist of management of Association who is working by employment agreement, though not a member of Association, has right to take part at the General Meeting of Members with an advisory vote.
    3. The General Meeting of Members has right to consider any problem within competency of the Board or of the President.
    4. The General Meeting of Members has an exceptional right:
      • to approve, amend and supplement regulations of Association;
      • to determine and approve the main directions for professional, economical and financial activities of Association;
      • to elect and recall the President and Auditing Commission (the Auditor) of Association;
      • to approve reports of President and Auditing Commission (the Auditor) of Association and the balance sheet of financial activities;
      • to form commissions of Association and to elect their members;
      • to solve problems related to reorganisation or liquidation of Association;
      • to consider appeals related to exclusion of members;
      • to determine remuneration for the work of the President, members of Board and the Auditing Commission (the Auditor).
    5. To solve timely problems within competency of the General Meeting of Members, with the exception of amendments of Regulations which limit rights of members and of items of liquidation or reorganisation of Association, Conferences of Members of Association may be called. The rate for representing individual members is determined before each Conference by the Board, but no delegate can stand proxy for more than 10 members. The Collective member is represented by its authorised proxy.
    6. General Meetings (Conferences) of Members are called by the Board which should notify each member of Association about date, place and agenda of the meeting in advance, not later than before 10 days.
    7. Members of Association should be given the opportunity to be acquainted with documents under consideration not later than one day before the General Meeting (Conference) of Members.
    8. Any member of Association may participate in the Conference with an advisory vote, but only delegates have deciding votes.
    9. The General Meeting of Members is called not less than once in a year.
    10. The General Meeting of Members may be called more frequently on an initiative of Board or Auditing Commission (the Auditor) or at request of not less than 1/3 members of Association.
    11. Initiators of the General Meeting (the Conference) of Members file an application with the Board where reasons and aims for calling the Meeting (the Conference), the project of agenda, proposals related to place and date of the Meeting are indicated. The Board is to give an answer to initiators of the General Meeting (the Conference) of Members within 10 days.
    12. The General Meeting (the Conference) of Members may take decisions if more than ½ members of Association are present (in case of the Conference – more than ½ delegates).
    13. In the General Meeting (the Conference) of Members all present members of Association (delegates) are registered. A member of Association may convey his will to the meeting in written form on issues of agenda. Such a notice is included into the quorum of meeting.
    14. Any individual member of Association may authorise any other individual member of Association to stand proxy and to vote for him at the General Meeting of Members.
    15. Collective members may authorise also a person who is not an individual member of Association to stand proxy for them at the General Meeting.
    16. The General Meeting (the Conference) of Members takes decisions by simple voting majority. Decisions related to amendments of regulations which limit rights of members of Association and to reorganisation or liquidation of Association are taken by 2/3 present votes.
    17. Decisions are taken by secret or open ballot. The form of voting is determined by the General Meeting (the Conference) taking place.
    18. Decisions are effective from the date of their taking, if not otherwise provided by the General Meeting (the Conference).
    19. The Board of Association is an executive body of Association. The Board manages activities of Association in the period between General Meetings (Conferences) of Members. The Board is presided by the President.
    20. The Board of Association has right:
      • to organise and call General Meetings (Conferences) of Members of Association;
      • to found branches of Association and determine the volume of their activities;
      • to take decisions related to disposal of Association’s property;
      • to regulate order of agreement making;
      • to approve the management personnel and remuneration fund of Association;
      • to regulate order of remuneration for management personnel;
      • to fix remuneration’s for President and members of Auditing Commission for the work performed;
      • to implement aims and tasks of Association;
      • to regulate structure and keep the data base of Association in order.
    21. The Board is elected for a period of three years at the General Meeting of Members. Any member of Association may be elected a member of Board.
    22. Sittings of Board are called by the President, when required, but not less than once in three months.
    23. The Board may take decisions when the sitting is participated by 2/3 members of Board. The Board takes decisions by secret or open ballot, by simple voting majority. Decisions related to exclusion of members of Association should be taken by not less 2/3 votes. When votes are equally divided, the President has a casting vote.
    24. The President of Association is a member of Board. The President of Association is ele cted by the General Meeting of Members for 3 years. The President may be recalled before expiration of his powers, if his activities contradict effective laws of the Republic of Lithuania or these Regulations. The decision related to the recall of the President should be accepted by simple voting majority of the General Meeting of Members.
    25. The President of Association has right:
      • to act on behalf of Association and to represent it in relations with state institutions, natural and legal persons;
      • to dispose of cash and circulating funds of Associations, to open accounts with banks;
      • to sign agreements on behalf of Association;
      • to appoint and dismiss the management personnel;
      • to give instructions and obligatory orders to employees of management personnel;
      • to administer long-term property of Association.

  6. STRUCTURE OF ASSOCIATION
    1. To co-ordinate activities of Association in specific professional fields, the General Meeting of Members may form and elect commissions. The commission elects the chairman of commission in its sitting.
    2. Association has branches formed by a territorial principal. The Branches of Association have no rights of legal person and are operated according to regulations determined by the Board and observing these Regulations. The territorial branch may be founded when there are not less than 10 true members of Association.

  7. AUDITING COMMISSION OF ASSOCIATION
    1. The financial activities of Association are controlled by the Auditing Commission which is elected at the General Meeting of Members for a period of 3 years.
    2. Members of other elective organs and management personnel cannot be members of Auditing Commission.
    3. At the request of Auditing Commission, all structures of Association should provide data on their financial activities.
    4. The Auditing Commission presents statements about auditing results to the Board and not less than once a year makes a report to the General Meeting of Members.
    5. By decision of the General Meeting of Members, the Auditing Commission may be re-elected before expiration of its powers.
    6. By decision of the General Meeting of Members, the Auditing Commission may be not formed, electing an Auditor instead of it.

  8. ECONOMICAL-FINANCIAL ACTIVITIES OF ASSOCIATION
    1. The Association may have in its ownership different non-real and real property, special-purposed funds and cash funds, securities and other property which is required to ensure activities of Association.
    2. The Association owns its funds and other property, transferred to its natural and legal persons and acquired by itself observing laws in force and pursuing its activities.
    3. Monetary funds of Associations are comprised of:
      • admittance and membership fees;
      • voluntary contributions and other payments of sponsors;
      • receipts from activities of enterprises founded by the Association and other income permitted by law;
      • loans.
    4. Income of Association cannot be distributed among its members, but should be used for implementing aims and tasks of Association.

  9. TERMINATION OF ASSOCIATION’S ACTIVITIES
    1. The activities of Association may be terminated in case of:
      • reorganisation of it by decision of the General Meeting of Members;
      • liquidation of it by decision of the General Meeting of Members;
      • liquidation of it by court’s judgement, and in other cases provided by law.
    2. In case of reorganisation or liquidation of Association, the dismissed management personnel enjoys social guarantees provided by laws of the Republic of Lithuania.
    3. For liquidation of Association, the General Meeting of Members appoints the Commission of Liquidation which is subject and answerable to the General Meeting of Members.
    4. Property and funds which remain after settling accounts with the Government and creditors are divided among Members of Association. The decision on this issue is taken by the General Meeting of Members.