LAW OF THE REPUBLIC OF KAZAKHSTAN

of November 30, 2000 No. 109-II

About estimative activities in the Republic of Kazakhstan

This Law governs the relations arising when implementing estimative activities for the purpose of establishment of market or other value of objects of assessment, determines the rights and obligations of subjects of estimative activities.

Chapter 1. General provisions

Article 1. Legislation of the Republic of Kazakhstan on estimative activities

1. The legislation of the Republic of Kazakhstan on estimative activities is based on the Constitution of the Republic of Kazakhstan, consists of this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. Features of the organization of assessment of state-owned property, cases and features of assessment of property in case of its receipt in structure of state-owned property, transfer of state-owned property to use to physical persons and non-state legal entities, and also in case of alienation of state-owned property are established by Article 100-1 and Chapter 16 of the Law of the Republic of Kazakhstan "About state-owned property".

3. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which are provided by this Law then are applied rules of the international treaty.

Article 2. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) assessment - determination of possible market or other project cost of assessment;

2) approach to assessment - method of determination of possible market or other project cost of assessment with use of one or several evaluation methods;

3) evaluation method - set of the actions of legal, financial and economic and organizational and technical nature used for establishment of market and other project cost of assessment;

4) date of assessment - day or period of time on which the possible market or other project cost of assessment is determined;

5) estimative activities - the business activity performed by appraisers, directed to establishment concerning objects of assessment of market or other value for certain date if other is not provided by the laws of the Republic of Kazakhstan;

6) regulatory legal acts in the field of estimative activities - the acts establishing requirements to evaluating, the used approaches and methods, content and report form about assessment;

7) standards of assessment - the regulating document in which are established for general and reuse of the rule, the principles and characteristics in the field of estimative activities;

8) the valuation report - the written message of the appraiser on results of assessment work transferred to the customer conforming to requirements of this Law;

9) the appraiser - the physical person or legal entity having the license for implementation of estimative activities and surely being the member of one of chambers of appraisers;

10) chamber of appraisers - the independent form of business of non-profit organization created for protection of the rights and legitimate interests of appraisers;

11) doubtful assessment - assessment performed on nonexistent object or with violation of requirements of regulatory legal acts in the field of estimative activities, standards of assessment with use in the valuation report of the doubtful data leading to misstatement of market or other project cost of assessment;

12) repeated assessment - determination of market or other project cost owing to the arising disputes over results of assessment between subjects of estimative activities;

13) market value - settlement sum of money on which this object can be aloof based on the transaction in the conditions of the competition when the parties of the transaction are effective, having all available information on assessment object, and any force majeure when do not affect transaction price:

one of the parties of the transaction shall not alienate assessment object, and other party shall not acquire;

the parties of the transaction are knowledgeable about subject of the transaction and are effective in the interests;

transaction price represents monetary reward equivalent for object of assessment and coercion to transaction concerning the parties of the transaction from someone's party was not;

14) other cost - other, except market, the project cost of assessment which types are established by standards of assessment;

15) the customer - physical person or legal entity, the consumer of services of the appraiser;

16) authorized body - the state body performing state regulation in the field of estimative activities;

16-1) The Government for Citizens state corporation (further - the State corporation) - the legal entity created according to the decision of the Government of the Republic of Kazakhstan for rendering the state services according to the legislation of the Republic of Kazakhstan, the organization of work on reception of applications on rendering the state services and issue of their results to uslugopoluchatel by the principle of "one window", and also ensuring rendering the state services electronically;

17) the third parties are the persons who are not among appraisers and customers, having certain relation to the estimated property, estimative activities of the appraiser and the order of the customer.

Article 3. Basic principles of estimative activities

The basic principles of estimative activities are objectivity and reliability.

Article 4. Subjects of estimative activities

1. Subjects of estimative activities are appraisers, customers and the third parties.

2. Appraisers - physical persons have the right to be engaged in estimative activities according to this Law based on the employment contract with the legal entity performing estimative activities, or independently as the individual entrepreneur based on the license provided by the Law of the Republic of Kazakhstan "About permissions and notifications".

3. Appraisers - legal entities have the right to be engaged in estimative activities based on the license provided by the Law of the Republic of Kazakhstan "About permissions and notifications".

Article 5. Assessment objects

Treat objects of assessment:

1) separate material objects (things), including ownerless, heirless property;

2) set of the things constituting property of person, including property of certain type (movable or immovable);

3) the property right and other corporeal rights to property or separate things from structure of property;

4) right to claim of the obligation (are long);

5) works, services, information;

6) objects of intellectual property right;

7) other objects of the civil laws.

Article 6. Assessment types

1. Types of assessment are obligatory and initiative.

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