INSTITUTION OF VALUERS

(Registered under The Societies Registration Act XXI of 1860) 1st Floor, Aggarwal Square, Near Bal Bharti Public School, Above Bank of Baroda,

Parwana Road, Pitampura, New Delhi 110 034 PH.: 011-27012855/57Fax : 011- 27012856

E-mail : indianvaluer@yahoo.com, Web-site : www.institutionofvaluers.net IN DIA APPLICATION FOR FELLOW, ASSOCIATE OR LICENTIATE OR

FOR TRANSFER TO A HIGHER GRADE

Cost of Form : Rs. 100/-Entrance fee : Rs. 1200/-Annual Sub. : Rs. 1200/-Total amount payable Rs. 2500/-

1. Type or fill all columns in capital letters ...................................

.......ReceivedRs

2. Enclose a draft of Rs. 2500/- drawn in favour of Institution of Valuers Vide Receipt No

Payable at Delhi/ New Delhi.

3. In case transfer to a higher grade, mention ‘Transfer to a Higher Grade’ on top Dated ...................................................

of the application. Enclose a draft of Rs. 1300/-

{Accountant} {Secretary}

FOR OFFICE USE

...............................ReceivedbytheOfficeon .......................yea r .....................................withRs.2400/-by .................................ReceiptNo

Approved in the.............................................. Council Meeting held on ......................................................... at ...................................................

Approved by Council as FELLOW / ASSOCIATE / LICENTIATE (CLASS OF ASSET......................................................... )

Category ................................................ Registration Number

Signature............................................... Deferred or Declined on ................................. year .......................

Chairman Council No. ..............CertificateofMembershipsenton ...........................year

1. TO THE COUNCIL OF THE INSTITUTION OF VALUERS

Name (Surname First) & address should be in BLOCK LETTERS. Pine Code No. and name of state must be mentioned in the address. N.B. :- Application will not be considered without the photograph and the attested copies of testimonials

I ................................................................................................................................................................... Son/ daughter of.....................................................................Address.................................................................. ........................................................................................................................................................................... .................................................................................. Pin Code..................................State................................. desire to be admitted to the Institution of Valuers as a Fellow/Associate/Licentiate or for any category mentioned above for which the Council thinks me eligible in accordance with the bye-laws as they now stand or as they hereafter be altered.

I. append hereto a full and accurate statement of my qualifications and experience. UNDERTAKING

I the undersigned do hereby promise that, in the event of my election/selection as a Fellow/ Associate/Licentiate, I will be governed by the bye-laws and regulations of the Institution as they now are, or as they may hereafter be altered and that, I will accept as final and binding the decisions of the Council in all matters dealt with by them in accordance with the provisions to the bye-laws and regulations and will forthwith cease to describe myself as a Member or to designate myself as belonging to the Institution in any other form, on receipt of a notice from Secretary that, acting under powers conferred upon them by the bye-laws and regulations, the Council have declared me to be no longer a Member of the Institution. I UNDERTAKE that I will promote the objects of the Institution as far as may be in my power. I also UNDERTAKE to abide by the professional conduct rules and/or Code of Ethics that the Council may frame from time to time.

I, further UNDERTAKE that in the event of my desire to resign from my membership of the Institution or if I am expelled from the Membership of the Institution, I will pay the current subscription and arrears, if any due against me and return to the Institution its Membership Certificate and Life Membership Card in case of Life Membership issued to me, provided that on signifying in writing to the Honorary General Secretary for the time being such desire to resign from the Institution or expelled from the membership of the Institution, I shall (after complying with this UNDERTAKING) be free from the foregoing obligations.

I also UNDERTAKE that the Institution is entitled to recover the current year subscription, arrears of subscription if any or other dues from me though Delhi Court of Law and I will be responsible to pay the cost of expenses incurred in this respect by the Institution.

I accept responsibility for the accuracy of the particulars contained in this application with regard to my qualifications and experience and agree that if I am elected the validity of my election shall depend upon the accuracy of such particulars as required by the bye-laws of the Institution.

I also accept that I will demand the Certificate of Membership and Life Membership Card only after becoming life member of the Institution.

Further, I also agree that I will not write myself as Approved Valuer without the prior permission of the Council of the Institution and in the event of my membership ceases. I will withdraw in writing myself as APPROVED VALUER.

Witness my hand this ................................................... day of ………......................... year ........................

Signature of the Applicant ..............................................................................................................................

Demand Draft should be drawn in favour of the INSTITUTION OF VALUERS payable at DELHI. The amount shall be refunded in the event of the application being rejected after deducting Rs. 500/- as incidental charges.

(Use CAPITAL LETTERS)

Name (Surname first) :.......................................................................................................

Fix here your .......................................................................................................

passport size Father’s Name :

photograph

Date of Birth : Age :

Nationality :.......................................................................................................

Present Occupation :.......................................................................................................

.................................................................................................... ...

PRESENT ADDRESS PERMANENT ADDRESS

. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . ..................................................................................................

. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . ..................................................................................................

. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . ..................................................................................................

...... ..... ..... .... ..... ..... .... ..... ..... . Pin Code : ............................................ ..................................................................................................

St at e : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . .. . . . . ................................................ Pin Code ................................

Phone : (Residence) ......................................................................... State.................................................................................

Phone : (Office) ...............................................................................

Mobile : .............................................................................................

Fax No. ..............................................................................................

E-mail : .............................................................................................

We the undersigned, recommend ......................................................... as in every respect a proper person to become a

Fellow/Associate/Licentiate of the Institution provided he passes the qualifying examination or has gained exemption there from. Our initials against items of information in this application indicate that we confirm such information from our personal knowledge.

NAME & ADDRESS SUPPORTERS SIGNATURE (in Block Letters) MEMBERSHIP NO.

1................................................................................ F/A ........................................ ................................... 2................................................................................ F/A ........................................ ................................... 3................................................................................ F/A ........................................ ...................................

The recompense’s signature should be those of a Corporate Member of the Institution who must sign from personal knowledge of the Candidate. This Form, after being duly filled in, and signed by at least three sponsors, may be forwarded to the Secretary of the Institution. IT MUST BE ACCOMPANIED BY ALL THE ATTESTED COPIES OF TESTIMONIALS as to character and competence, and in confirmation of the statements made by the Candidate in this Application. 3. CLASS OF ASSETS to which applicant is a valuer (Delete {9} Works of art including archaeological buildings, sites other classes of assets which are not applicable to you) and other objects. {1} Immovable property (other than agricultural lands,

plantations, forests, mines and quarries) but including {10} Life interest, reversions and interest in expectancy. foundations, soil mechanics, structural engineering, public health engineering and water technology. {11} Chemicals (for all types of chemical).

{2} Agricultural lands (other than coffee, tea, rubber and {12} Automobile including transportation and highway cardamom plantations). engineering.

{3} Coffee plantation, tea plantation, rubber plantation and {13} Marine (ship, boats of all types). cardamom plantation. {14} Textile (all types of fibers, yarns and fabrics).

{4} Forests. {15} Computer technology including electronics,

{5} Mines and quarries. telecommunication engineering and Instrumentation {6} Stocks, shares debentures, securities, shares in partnership {16} Ceramics technology & Potteries.

firms and of business assets including goodwill but excluding those referred to in items No. 1 to 5 above and 7 to 20 {17} Aeronautical Engineering including various types of bellows. aeroplanes.

{7} Machinery and Plant (Mechanical/ Electrical/ Chemical {18} Metallurgical engineering and engineering materials. Engineering). {19} Production engineering and industrial engineering.

{8} Jewellery. {20} Leather Technology.

Note : only one category according to qualifications will be allotted

Give date for STATEMENT OF QUALIFICATION Initials of

all items persons

To be filled in as far as possible by the applicant

verifying

each

Examinations Passed statement

4.

(Please attach copies of Certificates attested by a Supporter or a Gazetted Officer with his Seal)

General : (Non-Technical)

Name of Examinations Examining authority Year of passing

Passed

Technical Education

5. (Please attach copies of Certificates attested by a Supporter or a Gazetted Officer with his Seal)

Name of Examinations Branch Examining authority Name of the Year of Passed College/Institution/ passing

University

Training in Valuation Work

6. (Attach a separate sheet if space is not sufficient) (In case of no experience-state nil)

Valuation works with which the Candidate has been connected Position held

7. and the position held by him in connection with each

8.

9. 10. 11 12. 13.

State name and address of your Employers and the precise position you held

Examinations (State the most important Examinations passed excluding those mentioned in Sections 4 and 5)

Titles and Degrees held by the candidate

Membership of other professional Institutions

Particulars for publication in Green Book whenever published

(Particulars should be given in BLOCK LETTERS only) Fellow/Associate/Licentiate No. ........................................... Category.............................. State.................................. Name (Surname first) ..................................................................................................................................................... Qualification initials ....................................................................................................................................................... Complete address (only one address is to be given) ...................................................................................................... ......................................................................................................................................................................................... ................................................................................................................................ Pin Code No. ................................. Telephone Nos. (Office).........................................(Residence).................................... Fax No.…………………....... Mobile No. ……………………………………….E-Mail : ..........................................................................................

Details if appointed as Valuer by Ministry of Finance (Govt. of India or Chief Commissioner of Income-tax)

{1} Number and date of Notification/Letter {2} Valid upto {3} Category

Note : I have studied the rules and regulations of the Institution before signing this application.

I...........................................................................son of............................................................ Solemnly confirm and declare that the particulars given in the above application are true to the best of my knowledge and belief. (Signature of the Candidate)....................................................Date....................................... (who must also sign the Undertaking on page 1)

CONTRIBUTION TOWARDS CORPUS FUND

(Corpus Fund for life members only)

THE INSTITUTION OF VALUERS I/We ......................................................................................... Address ..................................................................................... ................................................................................................. ................................................................................................. PAN No. ..................................................................................... Would like to contribute .............................................................. Vide Cheque/D.D. No. ............................ Dated ........................... Drawn on .................................................................................. Towards corpus fund for (Life Member) for utilisation by Institution of Valuers. Signed .............................. CONTACT: Institution of Valuers, 1st Floor, Aggarwal Square, Near Bal Bharti Public School, Above Bank of Baroda, Parwana Road, Pitampura, New Delhi 110 034 India. PHONE NOS. : 011-27012855 / 57 FAX NO. : 011-27012856

INSTITUTION OF VALUERS

(Registered under The Societies Registration Act XXI of 1860) 1st Floor., Plot No. 3, Adjecent Bal Bharti Public School,

Above Bank of Baroda, Parwana Road, Pitampura, Delhi - 110 034. IN DI

A Telephone Nos. : 011-27012855 / 57, Fax No. 011-27012856

E-mail : indianvaluer@yahoo.com, Web-site : www.institutionofvaluers.net

Dear Applicant,

So you have decided to become a Valuer. Congratulations! However, you should be prepared to learn many new things connected with economical, legal, financial and technical practices, as related to valuation.

The following instructions for filling your application are based on our long experience of going through hundreds of applications every month. Correct filling of enclosed form will facilitate the processing of your application in a shorter time and save you from writing many letters to satisfy enquiries made from this end : 1. Please read carefully the instructions given right on top of the form regarding filling

your application form.

{a} Fill in every column. No column is to be left blank. In case there is nothing to fill, write suitable remarks. Incomplete filled in applications will be rejected.

{b} Date of application should always be given on page 1 as well as on page 4.

{c} All matter should be type written as far as possible.

2. Read the UNDERTAKING on page 1 carefully. If you have any doubts about the

following conditions, do not apply. 3. Underline your surname for identification. 4. As per rules of the Institution only one category is allotted. Changes are also

not possible. Please indicate your choice of only one category carefully. 5. You must be a graduate for Categories I & VII and suitably qualified for other

categories to become a corporate member. It is absolutely essential to provide an attested Photostat copy of the genuine University Degree. Certificates or Marks Sheets are not accepted. Be sure to send this document with your application. Do not send Marks Sheets or Certificates as substitute for the Degree.

6. Send a proof of your date of birth. This should be either your High School certificate

showing your date of birth or a local Municipal birth certificate. Ration cards, passport or other forms of birth date proof are not correct and reliable and will not be accepted.

7. Your application will not be considered without the two documents stated above

namely copy of Engineering Degree and proof of date of birth. It is your job to supply these copies. In the absence of these your application will be considered incomplete and rejected.

P.T.O.

8. Any certificate or document enclosed with your application should be properly folded to

one size and attached at the end of the application. These should not be put between the pages of the application. A list of documents provided should be given in a covering letter for proper identification. Do not use different inks or other colours in your application. The papers should not be stitched. but may be tied by a twine if necessary.

9. You should not send the same document twice or again and again. It increases the

filing work unnecessarily. 10. Send clear and readable copies of the documents. It is your duty to do so. The

documents should be in English. Date of birth should be shown in Gregorian calendar. Unreadable or not clear documents will mean rejection of your application. It is not possible to write a letter for small omissions.

11. Lot of time is wasted in asking for information and documents. Take care that all

documents are provided with the application. 12. The processing of application takes sometime and delay is caused if

documents/written information is not provided in time. No enquiries regarding the progress of your application within two months will, therefore, be entertained. Moreover, it may mean rejection of your application.

13. When applying for up gradation to higher category, you must state the purpose and

reasons clearly for your asking a promotion. Clearly state the change in qualification or increased experience which will justify your asking for promotion to a higher grade.

I wish you good luck and success.

Yours faithfully

(P.C. Goel)

Hon. Gen. Secretary

Note : Only one category according to qualification will be allotted.

ABSTRACT FROM THE RULES & REGULATIONS OF THE INSTITUTION OF VALUERS FOR APPLICANTS SEEKING MEMBERSHIP OF INSTITUTION OF VALUERS

1. MEMBERSHIP OF THE INSTITUTION :-

The Institution shall consist of Four Classes of Members, i.e, FELLOWS, ASSOCIATES, LICENTIATES and STUDENTS. The Licentiates and Students shall not be corporate members of the Institution and shall not be eligible for election to the Council of the Institution and shall not have the right to vote at the meeting of the Institution nor of a postal vote nor they shall be permitted to use any suffix of the Institution but shall be entitled to in other respect to the privileges of the membership. 2. ELIGIBILITY OF ENROLMENT AS FELLOWS :-

(I) In case of Engineer, Surveyor or Architect(Cat. 1,5,7 etc.): (i) The Valuer must either be a graduate in Civil, Mechanical,

Electrical, Automobile and Mining Engineering, or Architecture of a recognised University, or be a member, or hold a diploma of a recognised Institute or Institution of Chartered Engineers, Architects, Surveyors or School of Mines. The membership or diploma of which is recognised as sufficient qualification for the purposes of recruitment to superior posts and services under the Central Government, and

(ii) He must have been in practice as valuer not less than ten years.

(II) In the case of a Specialist in Agriculture and Farm Valuation (Cat . 2) :

{a} The valuer must be a graduate in Agricultural Economics or Agricultural Science with atleast ten years experience as a Farm Valuer.

OR {b} He should have been in the service of a State Government

for a total period of not less than ten years as :- (i) An Agricultural Inspector; or (ii) A tehsildar; or (iii) A Land Valuation Officer; or (iv) A Settlement Officer.

(III) In the case of a Specialist in Coffee Plantations (Cat. 3) :

A . The valuer must be the owner or manager of a Coffee Plantation of the size of at least 100 acres; and he must have at least ten years experience in the plantation line.

B. In the case of a Valuers for Tea Estates (Cat. 3) : {a} He should be the owner or manager of a tea plantation of

the size of at least 100 acres which has a factory for manufacturing tea, and

{b} he must have at least ten years experience in the plantation line. (IV) In the case of a Valuer for Standing Forests (Cat. 4) :

{a} He must be a Diploma holder in Forestry from a recognized institution.

{b} He should have been in the service of a State or the Central Government as a Gazetted Forest Officer for a period of not less than ten year. (V) In the case of an Accountant (Cat. 6) :

(i) The valuer must be a member of the Institute of Chartered Accountants or I.C.W.A. of India; and

(ii) he must have been in continuous practice as a Chartered Accountant for a period of not less than ten years.

(VI) In the case of a Specialist in Jewellery, Precious Stones and Ornaments (Cat. 8 ) :

(i) The valuer must have been engaged in the business of Jewellery. Precious Stones or Ornaments for a period of not less than ten years; and

(ii) his business or the business in which he is a partner must have had an annual turnover of not less than rupees one lakh in Jewellery, precious stones or ornaments in each of the last three accounting years.

(VII) In the case of a Specialist in Works of Art (Cat. 9) : The Valuer must be :

(i) A member or an ex-member of the Art Purchase Committee. (ii) Principal or ex-Principal of a Government School of Art. (iii) Artist member of ex-Artist Member of the General Council

or Fellow of the National Academy of Art (Lalit Kala Academy).

(iv) Director or ex-Director, Assistant Director or ex-Assistant

Director of National Museum. New Delhi. (v) Officer-in-charge or Ex-Officer-in-charge, Director or ex-

Director, Assistant Director or ex-Assistant Director Salarjung Museum, Hyderabad.

(vi) Director or ex-Director, Prince of Wales Museum, Mumbai. (vii) Superintendent or ex-Superintendent, Chennai Museum. (viii) Director or ex-Director, Indian Museum, Kolkata. (ix) Curator or ex-Curator of the National Gallery of Modern Art,

New Delhi. (x) Director General or ex-Director General of Archaeology.

Superintendent or Ex-Superintendent of Archaeology. (VIII) In the case of Actuary (Cat. 10) :

(i) The Valuer must be a graduate of recognized University. (ii) He must be member of an Institute of Actuaries which entitles

him to act as an Actuary under the Insurance Act.1938, and (iii) He must have been in practice as an Actuary for not less

than ten years. (IX) In the case of Valuer for Chemicals (Cat. 11) :

(a) He must be graduate in chemistry or chemicals with Technical Education and back ground from a recognized Institution or University.

(b) He must have atleast ten years experience in Chemical branch with Government Undertaking or in an important organization.

(X) In the case of Valuer for Automobile (Cat. 12) : (a) He must be a graduate in Automobile Transportation

Highway Engineering from a recognized Institution or University.

(b) He must have atleast ten years experience in Automobile branch with Government Undertaking or in an important organization.

(XI) In the case of Valuer for Marine (Cat. 13) : (a) He must be a graduate in Marine from a recognized

Institution or University. (b) He must have atleast ten years experience in Marine

branch with Government Undertaking or in an important organization.

(XII) In the case of Valuer for Textile (Cat. 14) : (a) He must be a graduate in Textile from a recognized

Institution or University. (b) He must have atleast ten years experience in Textile

branch with Government Undertaking or in an important organization.

(XIII) In the case of Electronics, Computer Technology, Tele-communications and Instrumentation (Cat. 15) :

(a) He must be a graduate in Electronics, Computer Technology, Tele-communication Engineering and Instrumentation.

(b) He must have atleast ten years experience in the three sections stated above.

(XIV) In the case of Ceramics Technology and Potteries (Cat. 16) :

(a) He must be a graduate in Ceramics Technology or Potteries. (b) He must have atleast ten years experience in the sections

stated above. (XV) In the case of Aeronautical Engineering (Cat. 17) :

(a) He must be a graduate in Aeronautical Engineering. (b) He must have atleast ten years experience in Aeronautical

Engineering. (XVI) In the case of Metallurgical Engineering (Cat. 18) :

(a) He must be a graduate in Metallurgical Engineering. (b) He must have atleast ten years experience in Metallurgical

Engineering. (XVII) In the case of Production & Industrial Engineering (Cat.

19) : (a) He must be a graduate in Production & Industrial

Engineering. (b) He must have atleast ten years experience in Production &

Industrial Engineering. (XVIII)In the case of Leather Technology (Cat. 20) :

(a) He must be a graduate in Leather Technology. (b) He must have atleast ten years experience in Leather

Technology.

(XIX) Valuers approved by the Ministry of Finance under Section (4) of E.D. Act 1953 and under Section 34AB of Amended Wealth Tax Act of 1972 and 1988 provided they are graduate Engineers.

3. ELIGIBILITY OF ASSOCIATES

All the qualifications shall be according to those required for a fellow except the requirement of experience which shall be 5 years instead of 10 years.

or Have passed the examination prescribed by the Institution of Valuers, New Delhi.

or Such other examination as the Council may approve : Who shall in addition satisfy the Council as to their practical experience in Valuation work. An Associate shall be eligible for FELLOWSHIP after he has compledted 10 years experience in Valuation work.

4. ELIGIBILITY FOR LICENTIATES Persons who have passed such examination as the Council may approve shall be eligible for Licentiateship and shall be eligible for Associateship after they have passed the examination prescribed by the Institution.

5. ENTRANCE FEE AND SUBSCRIPTION

(a) The Entrance Fee and Subscription payable by the members will be :

Class Entrance Annual Fee Subscription

Fellow 1200.00 1200.00 Associate 1200.00 1200.00 Licentiate 1200.00 1200.00 Student 900.00 1200.00

(b) Entrance Fee and Subscription for member residing out of India. Entrance Fee : US $ 250/-Annual Subscription : US $ 250/-

(c) Transfer fee for higher grade of membership : Rs. 1200.00

(d) Reconsideration Fee 1000.00 All Subscriptions shall become due and payable on selection and subsequently on the 1st day of January in each year.

6. COMPOSITION FEES

(a) Corporate members shall, at any time, have the option of becoming Corporate member for life on payment in lump sum amount detailed below according to his age on next birthday :

Age Next Amount Age next Amount

birthday (Rs.) birthday (Rs.)

26 20,300.00 46 14,200.00

27 20,000.00 47 13,700.00

28 19,700.00 48 13,200.00

29 19,500.00 49 12,700.00

30 19,200.00 50 12,200.00

31 19,000.00 51 11,500.00

32 18,700.00 52 11,000.00

33 18,500.00 53 10,300.00

34 18,200.00 54 9,600.00

35 18,000.00 55 9,000.00

36 17,700.00 56 8,400.00

37 17,500.00 57 7,700.00

38 17,200.00 58 7,000.00

39 17,000.00 59 6,500.00

40 16,700.00 60 5,800.00

41 16,300.00 61 5,000.00

42 16,300.00 Between

43 15,600.00 62 and 66 4,300.00

44 15,200.00 Between 3,800.00

14,700.00 67 and 70

45

above 70 2,500.00

The above life membership fee includes the current year membership subscription except First Year Subscription.

(b) Members residing outside India can also become Life

Member on payment in lump sum amount detailed below according to his age on the next birthday :

Age Next Amount Age next Amount

birthday (Rs.) birthday (Rs.)

26 40,500.00 46 28,400.00

27 40,000.00 47 27,300.00

28 39,900.00 48 26,300.00

29 39,200.00 49 25,300.00

30 38,500.00 50 24,300.00

31 38,000.00 51 23,100.00

32 37,500.00 52 21,800.00

33 37,000.00 53 20,500.00

34 36,500.00 54 19,200.00

35 36,000.00 55 18,000.00

36 35,400.00 56 16,700.00

37 34,900.00 57 15,500.00

38 34,400.00 58 14,200.00

39 33,900.00 59 12,900.00

40 33,400.00 60 11,600.00

41 32,700.00 61 10,100.00

42 31,900.00 Between

43 31,200.00 62 and 66 8,600.00

44 30,400.00 Between

45 29,400.00 67 and 70 7,600.00

5,100.00

above 70

The above life membership fee includes the current year

Membership subscription. In addition to the above composition fee for life, the

appropriate entrance fee and first year’s subscription shall have to be paid by the member, including arrears if any.

Subscription for life shall be exclusive of any arrears of subscriptions that corporate members may owe to the Institution at the time of their tendering subscription for life and such arrears shall be paid at the same time.

7. PAYMENT OF ENTRANCE FEE AND SUBSCRIPTION Every person becoming a Fellow of the Institution, shall pay

his/her entrance fee and first year’s subscription along with application for seeking membership, such subscription shall be considered as paid only upto the 31st December following except in the case of those elected in the month of November and December, in which case the subscription shall be deemed to be paid in respect of the ensuing year. Person elected between the 30th Day of June and the Ist day of November in any year shall pay half year’s subscription for the current year.

8. INDICATION OF CORPORATE MEMBERSHIP Each Corporate Life Member shall be entitled to affix to his name the

following initial letters to indicate his membership of the Institution : A Fellow life member may Affix F.I.V. An Associate life member may affix A.I.V. Fellow and Associates of the Institution may also use

additional suffix i.e. APPROVED VALUER after getting permission from the Council of the Institution on payment of Rs. 400/- after becoming the Life Member.

9. CERTIFICATES

The membership certificate and life member card shall be given to each corporate Life Member after he has been duly elected and had paid his entrance fee, first year’s subscription along with life membership fee. All the certificates and Life Member cards are the property of Institution and must be returned as and when membership ceases. Licentiate will not be entitled to receive any membership certificate or any Life Member card.

The Licentiate cannot practice as an Independent Valuer being a non corporate member. NOTE : In order to become licentiate member of this Institution, one is required to pay life membership fee besides entrance fee of Rs. 1200/-, 1st years subscription of Rs. 1200/- (i.e. Rs. 2400/-).