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INDEPENDENT VALUERS ACT

Promulgated, SG, No. 98/14.11.2008, effective 15.12.2008

Chapter One
GENERAL PROVISIONS

Article 1. This Act shall regulate:
1. the legal status of independent valuers;
2. the terms and procedure for acquiring competence;
3. the register of independent valuers;
4. the terms and procedure for practicing the profession of valuer;
5. the structure, organization and activity of the Chamber of Independent Valuers;
6. the liability of independent valuers for violations of professional duties and ethics.
Article 2. The Act shall be aimed at creating conditions for:
1. identification and transparency of the activity of independent valuers;
2. increasing the responsibility of independent valuers for the quality of valuations performed;
3. protection of the interests of consumers of services of independent valuers.
Article 3. (1) The independent valuers’ profession shall be self-regulated within the limits prescribed by law.
(2) The independent valuers’ profession shall be a regulated profession within the meaning of the Recognition of Professional Qualifications Act.
Article 4. In the course of valuations the registered independent valuers shall comply with the Code of Professional Ethics of Independent Valuers and the following principles:
1. independence – non-affiliation of the registered valuer, including its partners/stockholders
and personnel, with the valuation assignor, its management or persons related to them;
2. objectivity, impartiality and ruling out of prejudice and conflict of interest in the conduct of valuation;
3. professional competence – possessing and maintaining professional knowledge of
applicable law and the standards and methods required for performing valuations;
4. confidentiality – maintaining confidential any information about assignor’s activity,
received as a result of the valuation performed;
5. professional conduct – in his professional activity the valuer shall act in a manner
consistent with the good reputation of the profession and shall refrain from acts which could lead to compromising its prestige;
6. integrity - the valuer shall be fair and objective when performing the valuation;
7. responsibility - the valuer shall be personally responsible for the valuation performed; the
independent valuer’s company shall be liable for the valuation performed on its behalf.

Chapter Two
LEGAL STATUS OF INDEPENDENT VALUERS. ACQUIRING
COMPETENCE. TYPES OF COMPETENCE. REGISTER OF INDEPENDENT
VALUERS

Article 5. An independent valuer shall be a person who, based on a registration with the
register of independent valuers, shall be entitled to draw up and sign reports on valuation of projects subject to valuation, applying the required standards.
Article 6. (1) An independent valuer may acquire competence for performing the following types of valuation of:
1. real estate;
2. immovable cultural properties;
3. machinery and installations;
4. intellectual and industrial property rights and other factual relations;
5. commercial enterprises and receivables;
6. financial assets and financial institutions;
7. other assets, including works of art which do not constitute movable cultural values.
(2) Only projects appraisable in monetary terms shall be subject of valuation.
(3) The valuation of a project shall constitute an opinion of the independent valuer concerning the project value for a specific purpose at a specific point in time and in the environment of a specific market, prepared in the form of a written report, signed and stamped. The independent valuer’s opinion shall not be binding on the assignor.
(4) For each type of valuation examinations shall be taken for acquiring competence for
performance thereof. An independent valuer may conduct more than one type of valuation
where he/she has taken successfully the examination for the respective competence.
Article 7. The competence of independent valuer shall be acquired after:
1. successfully passing of examination before the Chamber of Independent Valuers under a
procedure adopted by the general meeting of the Chamber;
2. a written declaration by the person that he/she will comply with the Code of Professional Ethics of Independent Valuers and will apply the standards of valuation approved by the general meeting of the Chamber of Independent Valuers;
3. listing in a register with the Chamber of Independent Valuers and obtaining a certificate of competence as independent valuer.
Article 8. (1) In order to be admitted to participation in an examination for acquiring the competence of independent valuer, the person must meet the following:
1. hold a higher education diploma with bachelor’s or master’s degree, issued by an
accredited higher education establishment;
2. not have been convicted of felony under Chapter Five and Section I of Chapter Six of the Specific Part of the Criminal Code;
3. not have his competence as independent valuer withdrawn or following expiry of the term of any withdrawal.
(2) In order to participate in the examination under paragraph 1 the person shall submit an application to the Chamber of Independent Valuers, indicating the type of valuations for which he/she wishes to acquire competence, together with the following documents:
1. a copy of the higher education diploma with bachelor’s or master’s degree, issued by an accredited higher education establishment;
2. a certificate of clear conviction record;
3. a declaration that his competence as independent valuer has not been withdrawn or that the term of any withdrawal has expired;
4. a declaration that he/she will comply with the Code of Professional Ethics of Independent Valuers and will apply the standards of valuation approved by the general meeting of the Chamber of Independent Valuers;
5. a document of fee payment.
(3) In case of established omissions and/or inaccuracies in the documents submitted, the
applicant shall be informed in writing within 7 days. The applicant must correct any omissions and/or inaccuracies within 14 days of receipt of such notice. If such omissions
and/or inaccuracies are not corrected within the term specified, the applicant shall not be
admitted to the examination.
(4) The managing board of the Chamber of Independent Valuers shall issue, within 14 days of the conduct of the examination, a decision on registration of the person having passed the examination. The Chamber of Independent Valuers shall list the individual in the register of independent valuers and shall issue him a certificate of competence as independent valuer, indicating the type of competence and the serial number of the listing in the register.
(5) The person shall pay a charge for the examination and for the issuance of the certificate under paragraph 4 based on a tariff, adopted by the Council of Ministers at the proposal of the Chamber of Independent Valuers.
(6) The individual shall be invited to receive the certificate under paragraph 4 within three
days of issuance thereof.
Article 9. The managing board of the Chamber of Independent Valuers shall refuse a listing in the register in case the applicant does not meet any of the requirements under Article 8, paragraph 1 and/or has failed to pass the examination for acquiring competence as independent valuer.
Article 10. (1) The independent valuer shall be obliged to declare for registration any change of circumstances subject to record in the register, within 14 days of occurrence of the change, and to pay a charge for registration of the change based on the tariff under Article 8, paragraph 5.
(2) The independent valuer shall submit annually, by 30 June, to the Chamber of Independent Valuers an annual activity report for the preceding year under a procedure specified by the managing board.
Article 11. (1) The independent valuer shall be de-listed from the register where:
1. the person is de-listed from the commercial register or declared in liquidation or bankrupt;
2. he/she has ceased practicing the activity of independent valuer for a term exceeding three years except for the cases where a foreign person is not conducting permanently business on the territory of the Republic of Bulgaria;
3. non-performance of the obligation under Article 10, paragraph 2;
4. ascertainment that the independent valuer no longer complies with any of the requirements of Article 8, paragraph 1 or Article 17, paragraphs 1, 2 and 3;
5. non-performance of the obligation under Article 21;
6. he/she has prepared and signed three valuations, in the conduct of which violations under Article 42 have been established;
7. failure to pay the membership fee for three months – if a member, failure to pay a fine under Article 36, paragraph 1, item 2 or failure to pay the costs under Article 44, paragraph 3;
8. submission of a request to this effect.
(2) De-listing from the register shall be carried out by a decision of the managing board of the Chamber of Independent Valuers. The act of de-listing shall render the competence certificate issued null and void.
(3) Upon expiry of one year from being de-listed the independent valuer shall be entitled to submit a new application for listing in the register under the general procedure.
Article 12. (1) The decision of the managing board the Chamber of Independent Valuers to refuse listing in the register and issuance of a certificate, as well as for de-listing from the register, shall be motivated. The decision of the managing board may be appealed before the control board of the Chamber of Independent Valuers under the procedure of the Administrative Procedure Code within 14 days of being communicated.
(2) The control board shall review the petition on merits and shall issue a decision within 14 days of receipt thereof.
(3) The decision under paragraph 2 of the control board shall be subject to court appeal under the procedure of the Administrative Procedure Code.
Article 13. The independent valuer shall be obliged to inform in writing within 7 days the
Chamber of Independent Valuers in case of loss or destruction of a certificate of competence acquired or of a stamp. A fee shall be payable for issuance of a replacement based on the tariff under Article 8, paragraph 5.
Article 14. The Chamber of Independent Valuers shall publish notices in its information
newsletter concerning listing, de-listing or change in circumstances recorded in the register, of certificates of competence acquired or of stamps lost, destroyed or invalidated, as well as of disciplinary sanctions imposed.
Article 15. (1) The Chamber of Independent Valuers shall keep a public register of
independent valuers, where the following data about the persons shall be reflected:
1. identification data of the independent valuer:
a) in the case of an individual – full name, address and telephone;
b) in the case of a legal entity – seat and registered address, telephone and a list of the independent valuers belonging to it;
2. education, additional qualifications, profession and length of service of the independent valuer;
3. type of competence;
4. any changes in the circumstances under items 1 - 3;
5. any withdrawal of the competence of the independent valuer and the term of such
withdrawal.
(2) In the case of a listed legal entity the data under paragraph 1, items 2 and 3 shall relate to the natural persons - independent valuers, who are working for it and to at least one manager or a member of the company’s managing body.
(3) The register under paragraph 1 shall be maintained in electronic form and posted on the website of the Chamber of Independent Valuers.
(4) On their listing in the register the independent valuers shall become members of the Chamber of Independent Valuers.

Chapter Three
PRACTICING THE PROFESSION OF INDEPENDENT VALUER

Article 16. (1) Entitled to practice the profession of independent valuer shall be only persons listed in the register of independent valuers and having obtained a certificate of competence as independent valuer.
(2) The persons listed in the register of independent valuers shall receive individual stamps following a model approved by the Chamber of Independent Valuers, for stamping the valuations prepared by them.
(3) Recognition of professional qualification for practicing the independent valuers’
profession in the Republic of Bulgaria, acquired in other European Union Member States and in third countries, shall take place under the terms and procedure of the Recognition of Professional Qualifications Act.
Article 17. (1) The profession of independent valuer shall be practiced based on a contract
between the assignor and the independent valuer – directly as individuals or via a company of independent valuer, indicating the independent valuer in charge of making the valuation.
(2) An independent valuer may participate in only one company of an independent valuer.
(3) The following persons shall be entitled to apply for practicing activity as company of an
independent valuer:
1. who have been registered under the Commerce Act or the laws of another European Union Member State or a state which is a party to the European Economic Area Agreement, whose primary business is carrying out of valuations;
2. in which at least one of the managers or members of the company managing board is a qualified independent valuer;
3. which has provided a list of the independent valuers working for it.
(4) The company shall submit to the Chamber of Independent Valuers an application for registration, accompanied by the following:
1. documents certifying the circumstances under paragraph 3;
2. a certificate of clear conviction record of the managers or members of the managing board;
3. a declaration of the managers or members of the managing board that the company will
comply with the Code of Professional Ethics of Independent Valuers and will apply the
standards of valuation approved by the general meeting of the Chamber of Independent Valuers;
4. declarations by the independent valuers based on the list submitted that they agree to practice the activity via the company;
5. a declaration by the representative of the company based on the registration that his
competence as independent valuer has not been withdrawn or that the term of any withdrawal has expired;
6. a declaration that it has not been declared bankrupt or subjected to liquidation.
(5) In case of established omissions and/or inaccuracies in the documents submitted the
applicant shall be informed in writing within 7 days. The applicant must correct any omissions and/or inaccuracies within 14 days of receipt of such notice. If such omissions
and/or inaccuracies are not corrected within the term specified, the documents shall not be examined.
(6) The managing board of the Chamber of Independent Valuers shall issue in regard to the application under paragraph 4 a motivated decision within 14 days of the date of its submission. The decision shall be communicated to the applicant in writing and shall enter into effect as of the date of its adoption. The applicant shall pay a charge for the issuance of the certificate of independent valuer based on the tariff under Article 8, paragraph 5.
(7) In case of rejection of registration the decision under paragraph 6 may be appealed within 14 days of communicating it before the control board of the Chamber of Independent Valuers under the procedure of the Administrative Procedure Code. The control board shall rule on the petition within 14 days of receipt thereof.
(8) The decision of the control board shall be subject to court appeal under the procedure of the Administrative Procedure Code.
(9) The managing board of the Chamber of Independent Valuers shall refuse listing in the register, if the applicant fails to meet any of the requirements under paragraphs 3 and 4.
Article 18. The independent valuers shall be obliged to:
1. observe the principles under Article 4;
2. maintain their professional competence;
3. fulfil their obligations under the valuation contract, unless objective circumstances prevent them from doing so, while applying the approved standards;
4. report on his activity to the Chamber of Independent Valuers under a procedure approved by it;
5. take part in the activity of the Chamber of Independent Valuers and its bodies, as well as to comply with the Chamber statutes, if a member;
6. observe the Code of Professional Ethics of Independent Valuers;
7. take out insurance against the risks of his professional activity;
8. pay membership fees to the Chamber of Independent Valuers, if a member;
9. render assistance to the bodies of the Chamber of Independent Valuers.
Article 19. (1) The independent valuer shall bear material liability for damages caused to the assignor, if a direct and immediate result of his culpable action.
(2) The liability under paragraph 1 shall be realized in accordance with the general claims procedure of the Obligations and Contracts Act.
Article 20. In the process of fulfilment of his obligations under the valuation contract the
independent valuer shall be entitled to require full assistance and information from the valuation assignor.
Article 21. (1) The independent valuer may not prepare and sign a valuation where:
1. he is a related person to the assignor within the meaning of § 1, item 3 of the Tax and Social Insurance Procedure Code;
2. he is a related person to the owner or user of the object of valuation within the meaning of § 1, item 3 of the Tax and Social Insurance Procedure Code;
3. he or a person related to him within the meaning of § 1, item 3 of the Tax and Social
Insurance Procedure Code has a property or another interest related to the object of valuation;
4. he has liabilities in regard to the owner or user of the object of valuation or to the valuation
assignor at the time of carrying out the valuation.
(2) The requirements under paragraph 1 shall also apply to all members and employees of a
company of the independent valuer.
(3) A declaration of compliance with the requirements under paragraph 1 shall be attached to the valuer’s report on the valuation conducted by him.

Chapter Four
STRUCTURE, ORGANIZATION AND ACTIVITY OF THE CHAMBER OF
INDEPENDENT VALUERS

Article 22. (1) The Chamber of Independent Valuers, hereinafter referred to as "Chamber", shall be a professional organization of the independent valuers and a self-financed legal entity headquartered in Sofia.
(2) The Chamber shall ensure and regulate the practicing of the profession of independent valuer in the public interest. The Chamber shall be a body for recognition of professional qualification in regard to the independent valuers’ profession within the meaning of Article 4, item 5 of the Recognition of Professional Qualifications Act.
(3) The Chamber shall organize and manage the activity of independent valuers by:
1. organizing and conducting examinations for candidates for acquiring competence and
issuing independent valuer certificates;
2. registering the independent valuers who have acquired competence under the procedure envisaged by law;
3. maintaining a public register of independent valuers;
4. organizing courses for maintaining and improving the qualifications of its members;
5. approving standards for valuation and the model of seal;
6. issuing manuals and other guidebooks and printed materials, thus performing
methodological guidance of the activity of the independent valuers;
7. developing rules and instructions for standardization of the documents drawn up in the course of the valuation;
8. developing and approving a system for control and account of the results of the activity of independent valuers;
9. controlling compliance with the law and with the Code of Professional Ethics of
Independent Valuers;
10. assisting in the resolution of disputes between independent valuers, as well as between them and third parties;
11. representing the activity of independent valuers before the public, the state authorities and international organizations;
12. carrying out other activities as well, as envisaged in its statute.
(4) The documents, standards and instructions of the Chamber shall be published on its website.
Article 23. (1) Bodies of the Chamber shall be the general meeting, the managing board, the control board and the commission on professional ethics.
(2) The Chamber shall be represented by the managing board chairman.
(3) During their term of office the members of the managing board, the control board and the commission on professional ethics shall be obliged to comply with the requirements of Article 19, paragraph 4 of the Conflict of Interest Act.
(4) Membership in more than one body under paragraph 3 and for more than two terms of office in sequence shall not be allowed.
Article 24. (1) The general meetings of the Chamber shall be regular and extraordinary.
(2) Regular general meetings shall be convened on an annual basis.
(3) An extraordinary general meeting may be convened by a decision of the managing board or by a request of at least one-tenth of the Chamber members.
Article 25. (1) Entitled to take part in the general meeting shall be all Chamber members.
(2) The order for convening and the rules for functioning and decision-making of the general meeting shall be laid down in the statute.
Article 26. (1) The general meeting shall take place if more than half of the members are in
attendance. Absent a quorum, the general meeting shall be postponed by an hour, following which it will be held and deemed regular irrespective of the number of members in attendance.
(2) The resolutions of the general meeting shall be passed by a simple majority of those in attendance.
Article 27. (1) The general meeting of the Chamber shall:
1. adopt, amend and supplement its statute;
2. adopt, amend and supplement the Code of Professional Ethics of Independent Valuers;
3. elect and dismiss the chairmen and members of the managing board, of the control board
and of the commission on professional ethics;
4. adopt the reports of the managing board, of the control board and of the commission on professional ethics;
5. approve the standards for conducting valuations, the procedures for holding examinations for acquiring competence and the model of the seal;
6. review signals against decisions of the commission on professional ethics;
7. set the amount of the membership fee;
8. adopt the Chamber budget.
(2) Resolutions of the general meeting under paragraph 1, items 1 and 2 shall be passed by a qualified majority of two-thirds of the members in attendance.
(3) Resolutions under paragraph 1, item 3 shall be passed by a secret ballot.
Article 28. (1) The managing board of the Chamber shall consist of 7 members, one of whom a chairman.
(2) The managing board shall be elected by the general meeting for a term of 4 years.
(3) Membership in the managing board of related persons within the meaning of § 1 of the Supplementary Provisions of the Commerce Act shall not be allowed.
(4) The order for convening the managing board and the rules for its functioning and decisionmaking
shall be determined by the statute.
Article 29. The managing board shall:
1. convene the general meeting;
2. organize the activity of the Chamber and manage the property;
3. admit new members;
4. create, maintain and publish the register under Article 15;
5. organize the conduct of examinations for acquiring the competence of independent valuer at least biannually;
6. approve standards for incompatibility of the profession of independent valuer with other professions or functions;
7. determine the order for submission of annual activity reports of the independent valuers;
8. impose disciplinary sanctions on a proposal from the commission on professional ethics;
9. perform any other functions assigned to it by the statute or by a resolution of the general meeting.
Article 30. (1) The control board shall consist of 5 members, one of whom a chairman.
(2) The control board shall be elected by the general meeting for a term of 4 years.
(3) Eligible to serve on the control board shall be independent valuers with more than 5 years of service as independent valuers.
Article 31. (1) The control board shall:
1. monitor the lawfulness of the decisions of the managing board and their fulfilment, as well as their conformity to the statute and the resolutions of the general meeting;
2. review petitions against decisions of the managing board;
3. monitor the lawful and purposeful spending of the funds of the Chamber;
4. submit to the general meeting a report on its activity and propose to relieve of
responsibility the members of the managing board, if it accepts that the conditions for this
exist;
5. make decisions on other issues indicated in the statute.
(2) The chairman of the control board shall be entitled to take part in the managing board meetings in an advisory capacity.
(3) The order for convening the control board and the rules for its functioning and decisionmaking shall be determined by the statute.
Article 32. (1) The commission on professional ethics shall consist of 5 members, one of whom a chairman, and the members shall be elected by the general meeting for a term of three years.
(2) Eligible to serve on the commission on professional ethics shall be independent valuers with more than 7 years of service as independent valuers.
Article 33. (1) The commission on professional ethics shall be a body for control over compliance with professional ethics rules and for conducting the disciplinary proceedings
under this Act.
(2) The commission on professional ethics shall:
1. monitor compliance with the Code of Professional Ethics of Independent Valuers;
2. ascertain any offences and submit proposals to the managing board for imposing disciplinary sanctions under this Act;
3. review signals from interested third parties concerning offences related to compliance with the Code of Professional Ethics of Independent Valuers;
4. review signals of violations of the procedure for examination for acquiring competence as independent valuer and issue motivated proposals for conducting new examinations or confirming the validity of those conducted;
5. examine disputes in regard to valuations prepared by independent valuers.
(3) The chairman of the commission on professional ethics shall be entitled to take part in the managing board meetings in an advisory capacity.
Article 34. Financing of the activity of the Chamber shall be ensured from:
1. annual contributions by the Chamber members;
2. revenue from fees for conducting courses and examinations and for issuance of certificates of competence as independent valuer;
3. revenue from subscriptions and publishing activity;
4. revenue from provision of consultancy services;
5. revenue from sanctions imposed by the Chamber;
6. revenue from donations;
7. other revenue.

Chapter Five
DISCIPLINARY LIABILITY

Article 35. The independent valuers shall be under disciplinary liability for culpable nonperformance
of their obligations under the Act and the Code of Professional Ethics of
Independent Valuers.
Article 36. (1) The disciplinary sanctions shall be:
1. reprimand;
2. fine from BGN 100 to BGN 3,000;
3. warning of withdrawal of competence;
4. withdrawal of competence for a term from 6 months to one year;
5. removal of the registration and invalidation of the certificate.
(2) The fine under paragraph 1, item 2 shall be collected in favour of the Chamber. Following imposition of the disciplinary sanction under paragraph 1, item 4 the person must submit to a control examination for reestablishment of competence, and of the sanction under paragraph 1, item 5 - to a competence examination and apply for listing in the register under the general
procedure.
Article 37. (1) The disciplinary liability shall extinguish upon expiry of 6 months of detection of the violation, respectively of two years of the date it was perpetrated.
(2) The disciplinary offence shall be deemed detected as of the moment when the commission on professional ethics becomes aware of the offence. If this occurs in connection with a signal lodged, the commission must institute disciplinary proceedings within three months.
Article 38. (1) The disciplinary proceedings may be instituted upon a signal from any
interested party or by a decision of the commission on professional ethics.
(2) The commission on professional ethics shall notify the independent valuer, who may
provide written explanations within 7 days of being notified.
(3) The chairman of the commission on professional ethics shall designate a chairman and two members of the disciplinary panel, to whom examination of the disciplinary case shall be assigned.
Article 39. (1) The chairman of the panel shall schedule a meeting and invite to take part the author of the signal and the independent valuer.
(2) All evidence of significance in the case shall be admitted in the disciplinary proceedings.
Article 40. (1) The disciplinary panel shall issue a motivated decision at a closed meeting within one month of institution of the disciplinary proceedings.
(2) Any member of the disciplinary panel in dissent shall sign the decision under reservation.
(3) The decision on the file of the disciplinary proceedings shall be forwarded by the
disciplinary panel to the managing board within three days of its issuance.
(4) The managing board shall make a decision within two months, which must be adopted by a majority of more than a half of the total number of members and be announced by the chairman.
(5) The decision under paragraph 4 shall be communicated to the independent valuer within three days of its adoption.
(6) The decision may be challenged by the independent valuer under the procedure of the Administrative Procedure Code.
Article 41. The disciplinary sanction shall be removed after expiration of:
1. six months – for the sanction under Article 36, paragraph 1, items 1 and 3;
2. one year as of the date of payment or of compulsory collection of the fine under Article 36, paragraph 1, item 2;
3. two years as of the date of expiry of the term of the sanction under Article 36, paragraph 1, item 4;
4. three years as of the date of imposing the sanction under Article 36, paragraph 1, item 5.

Chapter Six
CONTESTATION OF A VALUATION

Article 42. Any valuation drawn up by an independent valuer may be challenged before the commission on professional ethics within 14 days of the date of its delivery for the purposes for which it has been assigned, on the grounds of:
1. non-compliance with the standards of valuation and/or
2. abuse of information and/or
3. conflict of interest.
Article 43. (1) The commission shall be approached by lodging of a written signal, containing the sender’s name and address, as well as his signature.
(2) The chairman of the commission shall designate a control panel for examination of a contested valuation within 7 days of receipt of the signal.
(3) The control panel shall consist of 5 members, three of whom independent valuers, determined by lot and the remaining two shall be members of the commission on professional ethics.
(4) The commission shall inform, within the term under paragraph 2, the independent valuer who prepared the valuation and shall be entitled to submit written explanations within 7 days.
Article 44. (1) The control panel shall issue a motivated decision within two weeks of expiry of the term under Article 43, paragraph 2. The decision, together with its motives, shall be made public.
(2) If during the conduct of the valuation offences under Article 42 are established, the
commission shall initiate ex officio disciplinary proceedings.
(3) The costs of contestation of the valuation shall be at the expense of the person having
initiated the check and in the case under paragraph 2 the costs shall be charged to the independent valuer.

TRANSITIONAL AND CONCLUDING PROVISIONS

§ 1. (1) The Chamber shall be established by initiative of at least 50 licensed valuers, who
shall form an initiative committee. The Minister of Economy and Energy shall publish on the Ministry website an invitation to form an initiative committee. The Minister of Economy and Energy, supported by the initiative committee, shall organize the conduct of the constituent meeting of the Chamber of Independent Valuers within three months of entry of this Act into
force.
(2) The Minister of Economy and Energy shall publish the notice regarding the date and place of its conduct in at least two national dailies not later than one month prior to the date of conducting the meeting.
§ 2. (1) The Chamber of Independent Valuers shall be established at a constituent meeting attended by at least one-half of licensed valuers who have requested participation.
(2) Entitled to attend the constituent meeting shall be only individuals licensed as valuers under the procedure of the Ordinance on legal due diligence and privatization valuations and on the terms and procedure for licensing of valuers (promulgated, SG, No. 57/2002; amended,
No.115/2004 and No.54/2006).
(3) The persons under paragraph 2 shall submit applications to the initiative committee for participation in the constituent meeting of the Chamber of Independent Valuers, accompanied by a copy of the license, a certificate of clear conviction record, a declaration of registration
under the Commerce Act and that they have not been declared bankrupt or not subjected to liquidation – for companies, and a declaration that they will comply with the statute, the Code of Professional Ethics of Independent Valuers and the standards in accordance with the requirements of law. Applications shall be submitted not later than 14 business days before the date of the constituent meeting.
(4) For the purpose of setting up the bodies of the Chamber the length of service as valuer licensed under the procedure of the Ordinance on legal due diligence and privatization valuations and on the terms and procedure for licensing of valuers shall be recognized as professional length of service within the meaning of this Act.
§ 3. The constituent meeting shall adopt the statute of the Chamber and a Code of
Professional Ethics of Independent Valuers. The draft statute and the draft Code of
Professional Ethics shall be drawn up by the initiative committee and made public on the
website of the Ministry of Economy and Energy not later than 7 days prior to the meeting date.
§ 4. The founders shall be recorded in the register with the Chamber of Independent Valuers under the terms of § 5, paragraph 1.
§ 5. (1) Within one year of entry of the Act into effect the persons who have obtained license as valuers from the Privatization Agency under the procedure of the Ordinance on legal due
diligence and privatization valuations and on the terms and procedure for licensing of valuers shall be listed in the register under Article 15 of right, upon submission of application with their licenses attached.
(2) Upon expiry of the term under paragraph 1 valuations may be performed only by valuers listed in the register under Article 15.
§ 6. The following amendments and supplements shall be made in the Privatization and Post-
Privatization Control Act (promulgated, SG, No. 28/2002; amended, No.78/2002, Nos. 20, 31, 39, 46 and 84/2003, Nos. 55 and 115/2004, Nos. 28, 39, 88, 94, 103 and 105/2005, Nos. 36, 53, 72 and 105/2006, No.59/2007 and Nos. 36 and 65/2008):
1. A second sentence shall be created in Article 5, paragraph 2, reading: "The drawing up of valuations shall be assigned to independent valuers in compliance with the Independent Valuers Act."
2. In Article 26:
a) in paragraph 2, sentence one, the phrase "valuers determined under the order of Article 5, paragraph 2" shall be replaced by "independent valuers in compliance with the Independent Valuers Act";
b) paragraph 5 shall be amended to read:
"(5) The methods, scope and conditions for drawing up of privatization valuations, as well as the content of the legal due diligence reports shall be determined by the Council of Ministers."
§ 7. This Act shall enter into force one month following its promulgation in State Gazette.

This Act was passed by the 40th National Assembly on 30 October 2008 and the official seal of the National Assembly was affixed to it.
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