Raising Professional Valuation Standards Since 1938

The Constitution & By Laws of the Australian Valuers Institute

1. In this document, unless the context otherwise requires:-

Expressions used have the same meaning as those ascribed to them by the Act.

The Act means any Australian Act of Parliament that governs valuers or the valuation
profession that is in force at the relevant time in the place where the Member practices the
profession of valuer.

Valuer means a person who provides the professional service of assessing a value for
property, both real, corporeal and personal.

Member means a Member of the AVI in any one of the categories detailed herein.

Institute or AVI means the Australian Valuers Institute.

Board means Board of Directors of the Institute.

Prescribed means prescribed by the Act or by regulation under the Act.

Regulation means any regulations under the Act that area in force at the relevant time.

Special Resolution means a resolution passed in the manner set forth under the Act.

Words in the singular include the plural, and vice versa.

Words importing masculine gender include females.

The Constitution & By Laws of the Australian Valuers Institute

 RULES

2. The rules of the Institute :

i) shall bind the Institute and all Members, and all persons claiming through them
respectively, to the same extent as if each Member had subscribed his name and
affixed his seal thereto, and there were contained in the Rules a covenant on the
part of each Member and his legal representatives to observe all the provisions of
the Rules, subject to the provisions of the Act.

ii) The rules of the Institute shall not be altered unless the alteration has been approved
by a special resolution. Alteration includes addition to a rule and/or a rescission of
a rule.

iii) Any person shall be entitled on demand to a copy of these rules upon payment of
such sum not exceeding ten dollars as the Board from time to time determine.

NAME

3. The name of the Institute shall be the Australian Valuers Institute.

REGISTERED OFFICE

4. The registered office of the Institute shall be at whichever place as the Board of the Institute
may determine. The Board shall cause notice of any changes thereof to be transmitted to
the Registrar in the form prescribed within fourteen days after the change.

OBJECTS

5. The objects of the Institute shall be to bring together those engaged as Valuers and who are
interested in the administration and/or development of the valuation profession for the
interchange of views and experience and for mutual consultation and advantage and in
particular to carry out any or all of the following:-

i) To encourage and foster the observance of high professional standards by its

Members and to establish and prescribe such standards.

ii) To arrange meetings, discussions, conferences, etc. on matters of common interest,

and generally to act as a clearing house for the exchange of ideas.

iii) To provide facilities and opportunities for research and analysis of any and all
features of the field of valuation through forums, discussions, surveys, exhibitions
and conferences.

iv) To develop and foster relations with other kindred bodies or authorities.

v) To disseminate information of value to its members.

The Constitution & By Laws of the Australian Valuers Institute

 vi) To institute a register of Members with details of experience and specialist
knowledge or qualifications, and to bring to the knowledge of its Members
particulars of organisations desirous of obtaining their services.

vii) Generally to undertake all activities, including the incorporation of the Institute, as
are likely to be of benefit to the practice, administration, interests and welfare of its
Members.

ix) To protect and/or safeguard the interests of Members individually or collectively

and/or intercede on their behalf where in the opinion of the Board of Directors it is
in the interests of the profession and the Member or Members to do so.

GENERAL POWERS

6. The Institute shall have the power to :

a) raise money on loan for any objects of the Institute.

b) invest the moneys of the Institute not immediately required in such safe securities as may
from time to time be determined by the Board.

c) acquire, sell, improve, dispose of or otherwise deal with real or personal property.

d) establish funds for scholarships and to establish, undertake, superintend, administer and to
contribute to any charitable or benevolent fund from which may be made donations or
advances to deserving persons who may be or have been engaged in the profession or
connected with any such persons and contribute to or otherwise assist any charitable or
benevolent or co-operative institution or undertakings.

e) undertake and execute any trusts which may seem to the Institute conducive to any of its
objects.

f) adopt such means of making known the objects and benefits of the Institute as may seem
expedient and otherwise to further the interests of members.

g) affiliate with societies, associations and organisations of like aims and objects and/or with
whom co-operation or affiliation may, in the opinion of the Institute's Board of Directors
assist in the attainment or furtherance of the Institute's aims and objects.

h) do any or all of those things which in the opinion of the Board of Directors are necessary
in the interests of and/or for the protection and/or benefit of a member or members and the
profession.

i) authorise the Board of Directors to make by-laws not inconsistent with these rules or the
Act or regulations dealing with the conduct of any operation of the Institute.

j) A breach of a by-law by a Member shall be deemed to be an infringement of the rules of

the Institute and the Board by sub-committee may impose on such Members, suspend
members from membership or expel members from membership.

The Constitution & By Laws of the Australian Valuers Institute

 SEAL

7. The Institute shall have its name inscribed in legible characters upon a seal. The seal shall
be kept at the registered office in such custody as the Board shall direct. The device of the
seal shall be the name of the Institute within two concentric circles and encircling the word
'Seal'.

The seal of the Institute shall not be affixed to any instrument except by the authority of a
resolution of the Board and in the presence of one Director and the Secretary or such other
person as the Board may appoint for the purpose and such Director and Secretary or such
other person shall sign every instrument to which the seal of the Institute is so affixed in
their presence.

The Seal shall be affixed to each and every Certificate of Membership and/or Certificate
of Proficiency issued by the Board.

CUSTODY OF BOOKS & DOCUMENTS

8. All books of accounts, securities, documents and papers of the Institute other than such (if
any) as the Board may direct to be kept elsewhere, shall be kept at the registered office, in
such manner and with such provision for their security as the Board shall direct. In giving
any direction the Board shall comply with the Act.

CAPITAL AND SHARES

9. The capital of the Institute shall be :

a) raised by the issue of shares which shall be of one class, all ranking equally, and be
of the nominal value of $l each.

b) The capital shall vary in amount according to the nominal value of shares from time
to time subscribed.

c) Every member shall hold one share.

d) The shares of the Institute shall not be quoted for sale or purchase at any stock
exchange or in any other public manner whatever within the meaning of the Income
Tax and Social Services Contribution Assessment Act 1959-1964 of the
Commonwealth of Australia or any amendment thereof.

MEMBERSHIP

10. The following provisions apply to Membership of the Institute :

a) Persons seeking admission to the Institute shall apply on the prescribed application
form approved by the Board.

The Constitution & By Laws of the Australian Valuers Institute

 b) Applications for membership must be lodged at the registered office, and should be
accompanied by payment of the first year's annual subscription, being the current
yearly subscription payable by Members together with $1 (one dollar) in respect of
share capital.

c) Every application must be considered by the Board, and if the Board approves of
the application, the applicants name and any other relevant information must be
entered in the register of Members within 28 days of the Boards approval.

d) The applicant must be notified in writing of the entry in the register and the
applicant is then entitled to the privileges attaching to the category of Membership
that he has been granted.

e) The Board may, at their absolute discretion, refuse an application for membership,
and the Board need not assign reasons for the refusal.

f) On refusal of an application for membership the Board must refund 50% (fifty per
centum) of the amount of money that accompanied the application for membership
within 28 days without interest, the balance being retained by the Institute to defray
the costs of holding the Board meeting.

g) Every Member shall hold one share.

h) Each and every person who is a Member of the Institute at the time of adoption of
this Constitution shall, without further or other appointment, be deemed to be a
Member of the Institute and shall have the status in which his name shall have been
entered in the Register of Members of the Institute immediately prior to the
adoption of this Constitution.

ACTIVE MEMBERSHIP PROVISIONS

11. To encourage, maintain and promote the observance of high professional standards by its
Members, and acting as an intermediary for the collection, administration and
dissemination of relevant information is a chief primary object of the Institute, a member
shall :

i) be awarded Life Fellow Membership in accordance with Rule 13(a); or

ii) be one who is awarded Fellow Membership in accordance with Rule 13(b) and who
pays an annual subscription in accordance with Rule 15: or

iii) be one who is awarded Certified Practising Valuer Membership in accordance with
Rule 13(c) and who pays an annual subscription in accordance with Rule 15; or

iv) be one who is awarded Provisional Associate Membership in accordance with Rule
13(d) and who pays an annual subscription in accordance with Rule 15; or

v) be one who is awarded Student Membership in accordance with Rule 13(e) and
who pays an annual subscription in accordance with Rule 15.

The Constitution & By Laws of the Australian Valuers Institute

 LIABILITY OF A MEMBER

12. A member shall be liable to the Institute for the amount, if any, unpaid on the shares held
by him, together with the annual subscription and such other charges, the amount of which
shall be fixed from time to time by the Board of Directors.

MEMBERS

13. Members of the Institute shall be one of the following categories :

a) Student Valuer
b) Provisional Associate
c) Certified Practicing Valuer
d) Fellow
e) Life Fellow

These categories of AVI membership are defined as follows :

a) Student

Every applicant for admission to the status of Student Valuer shall be a person who
has attained 18 (eighteen) years of age, and who is undertaking an approved course
of study through an Australian educational facility aimed at enabling them to
practice as a qualified valuer and work towards becoming a higher category AVI
Member. Such person may or may not be employed as an Assistant Valuer at the
commencement of their studies.

The designatory post nominal initials that may be used by a Student Valuer is . . .
SVAVI.

b) Provisional Associate

Every applicant for admission to the status of Provisional Associate shall be a

person who has attained 21 (twenty one) years of age, and who has practiced as a
Valuer or Assistant Valuer for less than 5 (five) years full time, and in the opinion
of the Directors has a satisfactory commercial and professional reputation and is
considered by them to be otherwise suitable for admission to the status of
Provisional Associate.

The designatory post nominal initials that may be used by a Provisional Associate
is . . . PAAVI.

The Constitution & By Laws of the Australian Valuers Institute

 c) Certified Practising Valuer

Every applicant for admission to the status of Certified Practising Valuer shall be a
person who has attained 21 (twenty one) years of age, and who has practiced as a
Valuer or Assistant Valuer for in excess of 5 (five) years full time and in the opinion
of the Directors has a satisfactory commercial and professional reputation and is
considered by them to be otherwise suitable for admission to the status of Certified
Practising Valuer.

The designatory post nominal initials that may be used by a Certified Practising
Valuer is . . . CPVAVI.

d) Fellow

Every applicant for admission to the status of Fellow shall be a person who has
attained 40 (forty) years of age, and who has practiced as a Valuer for in excess of
10 (ten) years full time, and who has contributed to the improvement of the Institute
and in the opinion of the Directors has a satisfactory commercial and professional
reputation and is considered by them to be otherwise suitable for admission to the
status of Fellow and shall satisfy the following conditions:-

i) Be a person who has been a Certified Practising Valuer Member of the

Institute for not less than 10 (ten) years immediately preceding the date of
application to Fellow: and

ii) The application for advancement in status is to be supported in writing by

not less than two existing Fellows of the Institute to whom he is personally
known.

The designatory post nominal initials that may be used by a Fellow is . . . FAVI.

e) Life Fellow

The Directors may at their discretion in consequence of any special services

rendered by any Fellow Member to the Institute or if from any other cause elect to
Life Membership any such Fellow Member and thereupon his subscription to the
Institute shall cease.

The designatory post nominal initials that may be used by a Life Fellow is . . .
LFAVI.

AFFILIATES

14. An Affiliate of the Institute shall not be a member of the Institute and shall have no rights
of membership.

Every applicant for admission to the status of Affiliate shall either be :

The Constitution & By Laws of the Australian Valuers Institute

a) A person actively engaged as an employee or associate of a practicing Member of the
Institute and in the opinion of the Directors has a satisfactory commercial and professional
reputation and is considered by them to be otherwise suitable for admission to the status of
Affiliate and shall satisfy the following conditions :

i) Be a person who has received special approval to carry out inspections on buildings under
construction and

ii) Be sponsored by an active member of the Institute.

OR

b) Be a person interested in the activities of the Institute.

Affiliates of the Institute are covered by the following rules :

i) An Affiliate is not entitled to vote at general meetings or at postal ballots

for the election of directors.

ii) An Affiliate is not eligible to be a director and shall not be regarded as a

Member of the Institute.

iii) The annual fee charged to an Affiliate shall be 50% of the annual fees
payable by a Provisional Associate.

iv) Affiliates are entitled to attend all functions except meetings of special
interest to Members and receive all notices except those relative to meetings
of special interest to Members.

v) An Affiliate, on becoming eligible for acceptance as higher category of the

Institute, must resign as an Affiliate of the Institute and convert to the
appropriate category of membership.

An Affiliate shall not be issued with a certificate but shall receive a letter of
acceptance as an Affiliate of the Institute.

An Affiliate shall not be entitled to designatory initials or state they are Members
of the Institute.

An Affiliate shall be removed from the list of Affiliates by the Directors of the
Institute upon failing to satisfy the conditions of acceptance as an Affiliate or for
non-payment of the annual fees.

CERTIFICATES

15. The Board shall have power to issue certificates of membership and certificates of
proficiency in such subjects and of such standard as may be decided upon by the Directors
from time to time.

The Constitution & By Laws of the Australian Valuers Institute

 These certificates shall remain the property of the Institute and the Directors shall have
power to withdraw any such certificates of membership and certificate of proficiency and
appeal may be made against any such withdrawal to a general meeting of the Institute and
the decision of such general meeting shall be binding on the Directors.

Persons ceasing to be members shall return their certificates to the Institute.

The seal of the Institute is to be affixed to each and every such certificate.

CONTINUING PROFESSIONAL DEVELOPMENT

16. Each member in public practice will be required to attend or undertake Continuing
Professional Development (CPD) each year and the minimum appropriate quantum will be
determined by the Board from time to time. The current requirement comprises of a
minimum of 10 (ten) hours of structured courses and 20 (twenty) hours of self-regulated
study.

The Board of the Institute may, at any time, request that a Member provide evidence of
their attendance at such CPD, and failure to comply shall be deemed a breach of these
Rules.

MEMBERS' SUBSCRIPTIONS

17. Members shall pay an annual subscription of $20 (twenty dollars) or such amount as is
fixed from time to time by the Board of Directors.

CEASING MEMBERSHIP

18. A person shall cease to be a member of the Institute in any of following circumstances :

a) If his annual subscription is overdue by three months.

b) If he resigns, having given one month's notice of intention in writing to the

Directors, provided that no one may withdraw his name from the books of the
Institute unless his subscription shall have been paid for the year in which notice of
his resignation is received.

c) If he is expelled in accordance with these rules.

d) Upon his death.

e) If he is guilty of misrepresentation or intentional mistake.

f) If he becomes bankrupt or assigns his estate for the benefit of or compounds with
his creditors.

g) If he becomes an insane patient or an insane or incapable person within the meaning

of any relevant Mental Health or similar Act.

The Constitution & By Laws of the Australian Valuers Institute

 h) If he is convicted of an offence which in the opinion of the Board of Directors is
calculated to maliciously discredit the Institute or any Member thereof.

EXPULSION OF MEMBERS

19. The disciplinary code of the Institute is set out in Schedule 1 to the Rules.

BOARD OF DIRECTORS

20. The government and control of the Institute and of its property, affairs and business shall
be vested in the Board of Directors. The Directors shall consist of a minimum of 3 (three)
and a maximum of 12 (twelve) Members.

21. The Directors shall have power from time to time to make, revoke and vary by-laws and
regulations provided that such by-laws and regulations are not inconsistent with these rules,
for the conduct of the business and affairs of the Institute and of the Board of Directors to
appoint committees consisting of such persons, who are Members of the Institute, as it shall
think fit and to delegate to any such committee such powers as it may deem expedient.

22. At the Annual General Meeting of the Institute 50% (fifty per centum) of the Directors
shall retire. The Directors to retire in any year shall, subject to the provisions as to filling
casual vacancies, be those who are the youngest and least experienced, those to retire shall
(unless they otherwise agree among themselves) be determined by ballot.

23. A retiring Director shall be eligible for re-election.

24. Election of Directors shall be by postal ballot conducted in the following manner:-

a) All nominations for election to the Board of Directors (other than to fill casual
vacancies) must be received, in writing by the Secretary at least 28 days before the
date of the Annual General Meeting, the consent of the nominees having been first
obtained.

b) The Board shall appoint a Returning Officer and fix the date for closing of the
ballot. A Director shall not be eligible for appointment as Returning Officer.

c) The Directors shall cause to be prepared a statement setting out the nominations
upon which the decision of members is sought and shall give clear instructions on
the method of voting, which will be an electronic ballot paper which will be emailed
to all members.

d) For the purposes of the ballot the Returning Officer shall cause to be prepared a roll
of all members.

e) Each ballot paper shall be initialed by the Returning Officer. The Returning Officer
shall at least 26 (twenty-six) days prior to the date fixed for the closing of the ballot,
transmit by post or otherwise deliver to every member whose name appears on the
Register of Members, one set of the following material :

The Constitution & By Laws of the Australian Valuers Institute

 f)
Upon a member making and transmitting to the Returning Officer, a declaration
that he has not received the ballot email the Returning Officer will re-send the
electronic ballot paper

25. Retiring Directors shall be deemed to have been nominated unless they have notified the
contrary to the Institute.

26. The Institute at the general meeting at which the Director retires in manner aforesaid may
fill the vacated office by electing a Member thereto.

27. Any vacancy occurring in the Board of Directors other than by rotation or retirement may
be filled by the Directors and the Member so chosen shall be subject to retirement at the
same time as if he had become a Director on the day on which the Director in whose place
he is appointed was last elected a Director.

28. The Board of Directors at its first meeting after the Annual General Meeting of the Institute
shall elect from among its members a Chairman of their meetings and determine the period
for which he is to hold office, but if no Chairman is elected or if at any meeting the
Chairman is not present within five minutes after the time appointed for holding same, the
directors present may choose one of their number to be Chairman of the Meeting.

29. The Institute may by special resolution remove any director before the expiration of his
period of office and may by simple majority at the same meeting or any other meeting
appoint another person in his stead; the person so appointed shall be subject to retirement
at the same time as if he had become on the day on which the director in whose place he is
appointed was last elected a director.

30. The proceedings of all meetings of the Board of Directors and of meetings of committees
appointed by the Board of Directors and of general meetings of The Institute shall be
recorded by minutes.

The Constitution & By Laws of the Australian Valuers Institute

VACATION OF OFFICE OF DIRECTOR

31. The office of a Director shall be vacated in the circumstances set out in Section 84(11) of
the Act, and in particular :

a) If he becomes bankrupt or assigns his estate for the benefit of or compounds with
his creditors.

b) If he becomes an incapable person, a protected person, or a patient, within the

meaning of a relevant Mental Health Act.

c) If he is convicted of any offence under the Act, or is convicted of any offence and
sentenced to any period of imprisonment without the option of a fine.

d) If he absents himself from three consecutive ordinary meetings of the Board

without its leave.

e) If within two months after any money becomes due by him to the Institute he does
not pay the same.

f) If he ceases to be a member of the Institute.

g) If his resignation is accepted by the Board after he has given one month's notice of
intention to resign.

h) If he is removed from office by resolution of a general meeting of the Institute.

REMUNERATION

32. The Directors shall receive a refund of all necessary expenses incurred by them in
undertaking the business of the Institute.

The Constitution & By Laws of the Australian Valuers Institute

 PROCEEDINGS OF THE BOARD

33. The Board may meet together for the dispatch of business, adjourn, and otherwise regulate
their meetings, as they think fit, providing a meeting of the Board shall be held at least once
quarterly. Questions arising at any meeting shall be decided by a majority of votes. In cases
of an equality of votes the Chairman shall have a second or casting vote. The Chairman or
any two Directors may, and the Secretary on requisition of the Chairman or any two
directors shall at any time, summon a meeting of the Board.

Except in special circumstances determined by the Chairman 48 hours notice shall be given
of all meetings of the Board.

34. The quorum of any meeting of the Board shall be five.

35. The continuing Directors may act notwithstanding any vacancy in their body but, if and so
long as their number is reduced below the number fixed by or pursuant to these rules as the
necessary quorum of Directors, the continuing Directors may act only for the purpose of
increasing the number of Directors to that number, or of summoning a general meeting of
the Institute, but not for any other purpose.

36. The Board may delegate any of its powers to committees consisting of such number of
members of the Institute as it may think fit. Any committees so formed shall in the exercise
of the powers so delegated conform to any conditions or stipulations that may be imposed
on them by the Board. A committee may meet and adjourn as it thinks proper. Questions
arising at any meeting shall be determined by a majority of votes of the members present,
and in case of an equality of votes the Chairman shall have a second or casting vote.

DUTIES & POWERS OF THE BOARD

37. The business and operations of the Institute shall be managed and controlled by the Board,
and for that purpose the Board, except as hereinafter provided, shall have and may exercise
the powers of the Institute as if they had been expressly conferred on the Board at a general
meeting of the Institute. The powers of the Board shall be subject to any restrictions
imposed thereon by the Act or by these rules.

38. Every Director acting in the business or operations of the Institute in pursuance of a
resolution duly passed by the Board shall be deemed to be the agent of the Institute for all
purposes within the objects of the Institute.

39. The Board shall cause minutes of meetings to be made in books provided for the purpose,
and, in particular :

a) of all appointments of officers and employees made by the directors;

b) of the names of the directors present at each meeting of the Board and of any committee of
the Board;

c) of all resolutions and proceedings at all meetings of the Institute and of Directors and of
committees of Directors.

The Constitution & By Laws of the Australian Valuers Institute

 Such minutes shall be recorded in the minute book within fourteen days of the date of the
meeting the proceedings of which they record. The confirmation of such minutes shall be
taken as the first business at the next succeeding meeting of the Institute Board or
committee as the case may be.

Every director present at any meeting shall sign his name in a book to be kept for that
purpose.

40. The Board shall cause to be kept at the registered office of the Institute, and open at all
reasonable hours to inspection by any member or creditor, without fee :

a) a copy of the Act and the regulations;

b) a copy of the rules of The Institute;

c) a copy of the last balance sheet and profit and loss account for the time being
together with the auditor's report;

e) the prescribed register of directors, members and shares;

e) the prescribed register of loans raised, securities given and bonds issued by the
Institute;

f) the prescribed register of stock.

41. Without prejudice to the general powers conferred on the Board by the Act or these rules,
the Board shall have power to appoint and, at its discretion, remove or suspend officers,
clerks, agents and servants, and to fix their powers, duties and remuneration.

FIDELITY BONDS AND INSURANCES

42. The Board shall cause every officer or person, having the receipt or charge of any money
of The Institute, to give security as prescribed in such amount as the Board shall determine.
The Institute shall pay all premiums in respect of any such security.

The Board shall arrange insurance against loss, damage to or liability of The Institute by
reason of fire, accident, or otherwise.

GENERAL MEETINGS

43. A general meeting of the Institute, to be known as the Annual General Meeting, shall be
held each year on such date and at such time being within three months after the close of
the financial year or within such further time as may be allowed by the Registrar or
prescribed by regulation and at such place as the Board may determine.

44. In default of such meetings being held within the period of time mentioned any five
members may convene the Annual General Meeting to be held within such time as the
Registrar may allow and such meeting shall be convened as nearly as possible in the
manner by which such meeting should have been convened by the Board.

The Constitution & By Laws of the Australian Valuers Institute

 Any reasonable expenses incurred in the calling of any such meeting shall be refunded by
the Institute to the members incurring the same. Any sums so paid shall be retained by the
Institute out of any sums due or to become due from The Institute by way of fees or other
remuneration in respect of their services to such directors as were in default.

45. The Board may, whenever it thinks fit, convene a special general meeting of the Institute
and shall, on the requisition of not less than one-fifth of the members being the holders of
shares upon which calls or other sums then due have been paid forthwith proceed to
convene a special general meeting. All other general meetings of the Institute shall be
special general meetings.

46. A requisition for a special general meeting shall state the objects of the meeting and must
be signed by the requisitionists and deposited at the registered office of the Institute, and
may consist of several documents in the like form, each signed by one or more
requisitionist.

If the Board does not proceed duly to convene a meeting to be held within twenty-one days
from the date of deposit of the requisition, the requisitionists or any of them may after
fourteen days after the date of deposit of the requisition convene the meeting but any
meeting so convened shall not be held after the expiration of three months from the date of
such deposit.

A meeting convened by requisitionists in pursuance of these rules shall be convened in the

same manner as nearly as possible as that in which such meetings are convened by the
Board. Any reasonable expense incurred by the requisitionists by reason of the failure of
the directors duly to convene a meeting shall be repaid to the requisitionists by The
Institute.

NOTICE OF GENERAL MEETINGS

47. Exclusive of the day on which the notice is served or deemed to be served, but inclusive of
the day for which notice is given, at least 7 (seven) days notice specifying the place, the
day, and the hour of meeting and, in cases of special business the general nature of that
business shall be given of any general meeting in manner hereinafter mentioned, to such
persons as are, under these rules, entitled to receive such notices from the Institute; but the
non-receipt of the notice by any member shall not invalidate the proceedings at such
general meeting.

48. In the case of special resolutions the giving of notices shall conform to Rule 52 hereof. Any
Member, having a resolution to submit to a general meeting shall give written notice
thereof to The Institute not less than twenty-one days prior to the date of the meeting. The
Board shall cause to be inserted in any notice convening a general meeting any business of
which notice of his intention to move has been given by a member in accordance with these
rules provided that notice from the member shall have been received before the notice of
the meeting has been Issued.

The Constitution & By Laws of the Australian Valuers Institute

 PROCEEDINGS AT GENERAL MEETINGS

49. The ordinary business of the Annual General Meeting shall be :

a) to confirm minutes of the last preceding general meeting whether the annual general
meeting or special general meeting:

b) to receive from the Board, auditors, or any officers of the Institute reports upon the
transactions of the Institute during the financial year, including balance sheet,
trading account, and profit and loss account, and the state of affairs at the end
thereof;

c) to elect the directors to hold office in accordance with Rule 21; and

d) to elect and determine the remuneration of auditors.

50. The Annual General Meeting may also transact such special business of which notice has
been given to members in accordance with these rules. All business shall be deemed special
business other than such business of the Annual General Meeting as is by this rule termed
ordinary business.

51. No item of business shall be transacted at any general meeting unless a quorum of Members
is present at the time when the meeting is considering that item. Save as therein otherwise
provided 10 (ten) Members personally present shall be a quorum. If within half an hour
after the appointed time for the meeting a quorum is not present, the meeting, if convened
upon the requisition of Members, shall be dissolved; in any other case it shall stand
adjourned to the same day in the next week at the same time and place and if at the
adjourned meeting a quorum is not present within half an hour after the time appointed for
the meeting the Members present shall be a quorum.

52. The Chairman of the Board shall preside as chairman at every general meeting of the
Institute. If at any meeting the Chairman is not present within fifteen minutes after the time
appointed for holding the meeting or is unwilling to act as chairman, the Members present
shall choose someone from their number to be Chairman until such time as the Chairman
being in attendance is willing to so act.

The Chairman may, with the consent of any meeting at which a quorum is present (and
shall if so directed by the meeting) adjourn the meeting from time to time and from place
to place, but no business shall be transacted at any adjourned meeting other than the
business left unfinished at the meeting from which the adjournment took place. When a
meeting is adjourned for fourteen days or more notice of the adjourned meeting shall be
given as in the case of an original meeting.

Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the
business to be transacted at any adjourned meeting.

53. The following standing orders shall be observed at the Institute's meetings :

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 a) the mover of a proposition shall not speak for more than ten minutes; subsequent
speakers shall be allowed five minutes, and the mover of the proposition five
minutes to reply. The meeting may however by simple majority extend in a
particular instance the time permitted by this rule;

b) whenever an amendment is proposed upon an original proposition, no second

amendment shall be taken into consideration until the first amendment shall have
been disposed of;

c) if an amendment be carried, it shall displace the original proposition and become

itself the proposition to which any further amendment may be moved;

d) if an amendment be negatived, then a further amendment may be moved to the

original proposition; but only one amendment shall be submitted to the meeting for
discussion at one time;

e) the mover of every original proposition, but not of an amendment, shall have the
right to reply, immediately after which the question shall be put from the chair, but
no other member shall speak more than once on the same question, unless
permission be given to explain, or the attention of the Chairman be called to a point
of order;

f) propositions and amendments shall be submitted in writing, when requested by the

chairman;

g) any discussion may be closed by a resolution that the question be now put being
moved, seconded and carried. Such resolution shall be put to the meeting without
debate.

VOTING

54. At any general meeting a resolution put to the vote of the meeting shall be decided on a
show of hands unless a poll is (before or on declaration of the result of the show of hands)
demanded by at least five Members and, unless a poll is demanded, a declaration by the
chairman that a resolution has, on a show of hands, been carried or carried unanimously,
or by a particular majority or lost, and an entry to that effect in the book of the proceedings
of the Institute shall be evidence of the fact, without proof of the number or proportion of
the votes recorded in favour of, or against, that resolution.

On a show of hands or on a poll every Member present in person at any meeting shall have
one vote. All resolutions shall be determined by simple majority except in the case of
special resolutions or as otherwise provided in these rules.

In the case of an equality of votes, whether on a show of hands or on a poll, the Chairman
of the meeting at which the show of hands takes place, or at which the poll is demanded,
shall be entitled to a second or casting vote.

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55. If a poll is duly demanded it shall be taken in a manner which the Chairman directs and
unless the meeting is adjourned the result of the poll shall be deemed to be the resolution
of the meeting at which the poll was demanded. A poll demanded on the election of a
Chairman, or on a question of adjournment, shall be taken forthwith.

SPECIAL RESOLUTION

56. A special resolution means a resolution which is passed by a majority of not less than two
thirds of the Members as being entitled so to do vote in person at any general meeting of
which notice specifying the intention to propose the resolution has been duly given in
accordance with these rules. A special resolution shall have no effect until registered by
the Registrar.

SOLICITOR

57. The Board shall have power to engage a solicitor and obtain legal advice and assistance as
may be deemed necessary from time to time.

THE PERSON TO SUE

58. The public officer shall be the registered officer of and the person to sue or to be sued for
and on behalf of the Institute.

INDEMNITY

59. Every Member of the Board, the secretary and other officers or servants of the Institute
shall from time to time and at all times be saved harmless and be kept indemnified by the
Institute from and against all costs, damages, losses and expenses which any such member,
secretary, officer or servant of the Institute may incur or become liable to by reason of any
act or thing done by him as such Member, secretary, officer or servant or in any way in the
discharge of duties, and no such Member, secretary, officer or servant of the Institute shall
be liable for the acts, receipts, neglects or defaults of any other Member, secretary, officer
or servant, unless the same happen through his own wilful act or default.

FINANCIAL YEAR

60. The financial year of the Institute shall end on the thirtieth day of June of each year.

ACCOUNTS

61. The designated secretary will put the return into the department of fair trading, they will
then distribute a set of accounts to the members at the AGM.

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 BANKING

62. The Board shall cause to be opened a banking account or accounts in the name of The
Institute, into which all moneys received shall be paid as soon as possible after receipt.

All cheques drawn on such accounts and all drafts, bills of exchange, promissory notes,
and other negotiable instruments for and on behalf of The Institute, shall be signed by one
of the directors and countersigned by the secretary or other persons authorised by the
Board.

THE INSTITUTE FUNDS

63. The funds (including any profits made) of the Institute shall be applied tocarryingoutthe
objectsofthe Institute. No payment by way of dividend or distribution of profits or income
shall be madetooramongstthemembersofthe Institute. The Institute is empowered to
apply part of its surplus in the manner envisaged in the Act.

PROVISION FOR LOSS

64. The Board shall make such provision for loss as the Act requires or allows.

DISPUTES

65 Disputes between a Member in his capacity of member and the Institute shall be settled by
arbitration in accordance with the Arbitration Act, 1902, as amended, from time to time.

Notwithstanding the above, any party may refer the dispute to the Registrar, provided that
the dispute has not been referred to arbitration in accordance with these rules or provided
that, if the dispute has been so referred, one month has elapsed without an award being
made.

Nothing in this rule shall extend to any dispute as to the construction or effect of any
mortgage or of any contract contained in any document other than these rules.

NOTICES

66. A notice may be given by the Institute to any Member either personally or by sending it by
post to him to his registered address, or (if he has no registered address) to the address, if
any, supplied by him, to the Institute for the giving of notices to him.

67. Where a notice is sent by post, service of the notice shall be deemed to be effected by
properly addressing, prepaying and posting a letter containing the notice, and to have been
effected in the case of a notice of a meeting at the expiration of 24 hours after the letter
containing the same is posted and in every other case at the time at which the letter would
be delivered in the ordinary course of post.

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68. If a member has no registered address in the State and has not supplied to The Institute an
address within the State for the giving of notices to him, a notice addressed to him and
advertised in a newspaper circulating in the neighbourhood of the registered office of The
Institute shall be deemed to be duly given to him on the date on which the advertisement
appears.

69. A notice may be given by the Institute to the person entitled to a share in consequence of
the death or bankruptcy of a member by sending it through the post in a prepaid letter
addressed to him by name, or by the title of representative of the deceased, or trustee of the
bankrupt, or by any like description, at the address, if any, in the State, supplied for the
purpose by the person claiming to be so entitled or (until such address has been supplied)
by giving the notice in any manner in which the same might have been given if the death
or bankruptcy had not occurred.

70. Notice of every general meeting of the Institute shall be given in some manner hereinbefore
authorised to :

a) every member of the Institute except those members who (having no registered
address within the State) have not supplied to The Institute an address within the
State for the giving of notices to them, and
b) every person entitled to a share in consequence of the death or bankruptcy of a
member, who, but for his death or bankruptcy, would be entitled to receive notice
of the meeting. No other persons shall be entitled to receive notices of general
meetings.

For the purpose of this rule registered address means the address of the Member as
appearing in the register of members and shares.

WINDING UP

71. The winding up of The Institute shall be in accordance with part V of the Act. Upon the
winding up of The Institute any balance of funds remaining after payment of liabilities
shall be donated to such charitable organisation or community purpose and in such manner
as shall be decided by a general meeting of members.

HONORARIUM

72. The Members may at any annual or special general meeting without notice of motion grant
an honorarium to any members of the Institute for services rendered.

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 LIMITATIONS OF APPEALS AND ACTIONS

73. Save as is expressly contained in these rules, no appeals whatsoever shall lie from the
decisions of The Institute or of the Board under Rules, nor shall any member suspended,
removed or expelled or whose membership shall have been cancelled have any right of
action whether at law or in equity or other remedy whatsoever against The Institute, the
Board or any member thereof or any officer or employee of The Institute by reason of such
suspension, removal, expulsion or cancellation or by reason of any act done or notice given
or action to be done or given consequent on or incidental to such suspension, removal,
expulsion or cancellation.

PROFESSIONAL VALUATION FEES, COSTS & CHARGES

74. All Institute Members are expected to provide their clients with a Scale of Fees & Charges
prior to accepting any professional assignment from any person or party.

The professional fees charged and the Scale of Fees & Charges provided by each Member
is expected to be fair and reasonable and accurately reflect the Members length, breadth
and depth of education, qualification, experience and expertise.

All Members are entitled to charge whatever quantum of fees they deem appropriate, and
the Institute will not assess, nor limit, nor make any recommendations concerning the
quantum of professional fees charged by any Member for their professional services.

In addition to professional fees charged for services rendered, Members are entitled to
require their clients to reimburse them for expenses incurred in carrying out whatever tasks
have been assigned to them by their clients and/or the clients representatives or agents.

Such may include payment for Additional Services such as :

i) attendance at conferences with the client, and/or the clients legal advisers, and/or
other professionals as instructed by the client and/or the clients legal advisers;

ii) reading reports (prepared by other experts and/or professionals) when required or
when considered necessary in order to provide the required professional standard
or level of service;
iii) preparation of ancillory or supplementary reports, critiques or statements in reply,
photographic or other evidenciary portfolios or documents;
iv) additional site inspections of properties as required;

v) providing verbal opinions or advice; or

vi) any other service requested by the client and/or the clients legal advisers apart from
attendance at hearings at any court, arbitration, mediation, etc.

The Constitution & By Laws of the Australian Valuers Institute

75. The Institute recommends that professional fees for all additional services apart from
attendance at Hearings, Tribunals, etc., be charged on an hourly basis. Professional fees for
attendance at Hearings, Tribunals, etc. should be charged on a daily (per day or part thereof)
basis when the Member is booked to attend any type of Hearing as an Expert Witness.
If the Member is required to Stand-By to attend a Hearing, professional fees should be
charged on a varying scale depending upon the length of notice to be given to the Member.
In addition, Members are entitled to be reimbursed for Disbursements, and these include :

i) Goods & Services Tax, at the rate existing at the date the work is completed;

ii) Transportation, by Road, Air and/or Sea, as charged plus a loading;

iii) Travelling Time, on an hour or part hour basis;

iv) Tolls and Parking, as charged;

v) Accommodation & Meals, as charged;

vi) Photography, fees for taking photographs, and printing or publishing photographs;

vii) Photocopying, both B&W and Colour, per page;

viii) Telephone, Local, STD & Mobile, and International, per minute;

ix) Facsimiles & Emails, per page;

x) Searches, Plans,Titles, Dealings - as charged plus a loading;

xi) Researchers & Research as charged plus a loading;

76. In addition a Loading or percentage increase above the standard professional fee can be
charged for retrospective valuations and assessments, the rate depending upon the length
of retrospectivity of the task; for all services required to be rendered on weekends, public
holidays and/or outside normal business hours; and where services are required on an
urgent basis.

COSTS AGREEMENT

77. The Institute recommends that all Members, prior to undertaking any assigned task or
accepting any professional instructions, should enter into a Costs Agreement that sets out
the scope of work and basis for remuneration for that work. The Casts Agreement should
be drafted by a legal practitioner to ensure that it is binding on all parties.

For work performed for any client that involves an on-going professional relationship, or
for work from a legal practitioner that involves a Letter of Instruction, a Costs Agreement
would not be required.

The Constitution & By Laws of the Australian Valuers Institute

SCHEDULE 1 - COMPLAINTS AND DISCIPLINARY CODE

Citation

1. This Code is the Complaints and Discipline Code.

Definitions

2. In this Code:

Council means the Professional Standards Council constituted by the Professional Standards Act
1994.

Institute means the Australian Valuers Institute.

What actions may be the subject of a complaint?

3. A complaint may be made that a member of the Institute has acted (or has failed to act) in such
a way as to justify the taking of disciplinary action against the member under this Code. A
complaint may be made and dealt with even though the person about whom it is made has ceased
to be a member.

Who may make a complaint?

4. Any person may make a complaint (including the Institute and the Council).

How is a complaint made?

5. A complaint may be made to the Institute. The complaint must be in writing and contain the
particulars of the allegations on which it is founded. The Institute must notify the Council of each
complaint made to it (other than a complaint made by the Council).

What happens after a complaint is made?

6. The Institute must consider a complaint as soon as practicable after the complaint is made to it
or notified to it by the Council. The Institute will then do any one or more of the following:
(a) it may require the complainant to provide further particulars of the complaint; (b) it may carry
out an investigation into the complaint;
(c) it may attempt to resolve the complaint by conciliation;
(d) it may decline to entertain the complaint (because, for example, the complaint is frivolous,
vexatious, misconceived or lacking in substance);
(e) it may conduct a hearing into the complaint.

What action may be taken after a hearing into a complaint?

7. After the Institute has conducted a hearing into a complaint against a person, it will, if it finds
the complaint substantiated, do any one or more of the following:
(a) caution or reprimand the person;
(b) impose conditions as to the carrying out of the person's occupation;
(c) require the person to complete specified courses of training or instruction;

The Constitution & By Laws of the Australian Valuers Institute

(d) require the person to report as to the carrying out of the person's occupation at the times, in the
manner and to the persons specified by the Institute;
(e) order the person to obtain advice as to the carrying out of the person's occupation, from such
persons as are specified by the Institute;
(f) expel the person from membership of the Institute.

If the Institute finds the complaint unsubstantiated, it must dismiss the complaint. The Institute is
not entitled to make an award of compensation.

Notices of decisions

8. Within 30 days after a decision is made by the Institute concerning a complaint, the
complainant and the person against whom the complaint is made must be given a written
statement of the decision. The statement must include the reasons for the decision.

What rights of representation do parties to a complaint have?

9. The complainant and the person about whom the complaint is made are not entitled to
legal representation during attempts to resolve the complaint by conciliation but are entitled
to legal representation during a hearing into the complaint.

How may the functions of the Institute under this Code be exercised?

10. A function of the Institute under this Code may, in accordance with a resolution of the
Institute, be exercised by the Board of Directors of the Institute or by a person or persons
appointed for the purpose.

Protection from liability

11. No matter or thing done or omitted by the Institute or a person acting in accordance with
a resolution of the Institute subjects the person personally to any liability if the matter or
thing was done or omitted in good faith for the purpose of implementing this Code.

The Constitution & By Laws of the Australian Valuers Institute