Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 58

Valuations of property to be made by sworn valuators

58. Valuations of property to be made by sworn valuators



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

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

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





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

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

   (a)  the valuator;

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

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

(6) Any valuator who knowingly and wilfully-

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

   (b)  makes any false and fraudulent valuation-

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

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Division 4-Winding up, &c.