LAW OF THE REPUBLIC OF TAJIKISTAN

of July 28, 2006 No. 196

About estimative activities

This Law regulates the legal basis of 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, irrespective of their patterns of ownership.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

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

- the appraiser - the physical person or legal entity having the license for implementation of estimative activities;

- assessment object - objects of the civil laws concerning which estimative activities can be performed;

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

- repeated assessment - determination of market or other project cost of assessment owing to the arisen disputes over results of assessment between the appraiser and (or) the customer, on the one hand, and the third parties - on the other hand;

- market value of object of assessment - the probable price at which this object can be sold or purchased in the public market in the conditions of the competition when participants of the transaction act, having all available information, and any force majeure in cases do not affect transaction price if:

a) neither the buyer, nor the seller have no obligations for acquisition and (or) sale of this object, and any of the parties was no influence for the purpose of forced acquisition or sale of this object by them;

b) project cost is expressed in cash;

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

d) object of assessment is provided on the public market in conditions when everyone of the transaction can participate;

e) the price of subject of the transaction represents equivalent of the paid means for object of assessment and coercion to transaction concerning the parties of the transaction from someone's party was not;

- other cost - other, except market, assessment project cost (balance sheet, residual, another);

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

- the valuation report - the written message of the appraiser on results of assessment work transferred to the customer in the form established by authorized body and conforming to requirements of this Law;

- authorized body - the state body performing licensing and control functions, and also management in the field of estimative activities.

Article 2. Legislation of the Republic of Tajikistan on estimative activities

The legislation of the Republic of Tajikistan on estimative activities is based on the Constitution of the Republic of Tajikistan and consists of this Law, other regulatory legal acts of the Republic of Tajikistan and the international legal acts recognized by the Republic of Tajikistan.

Article 3. Basic principles of estimative activities

The basic principles of estimative activities are:

- impartiality;

- objectivity;

- reliability;

- competence;

- transparency.

Article 4. Subjects of estimative activities

Subjects of estimative activities are, on the one hand, the physical persons and legal entities having licenses for implementation of estimative activities, and with another - the physical persons and legal entities acting as customers.

Article 5. Assessment objects

Treat objects of assessment:

- separate material objects (things), including ownerless;

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

- the property right and other property rights or separate things from structure of property;

- rights to claim, obligations (are long);

- works, services, information;

- non-material objects (including intellectual property);

- other objects of the civil laws concerning which the legislation of the Republic of Tajikistan establishes possibility of their participation in civil circulation.

Article 6. The state authorized body in the field of estimative activities, local authorities of the government, municipalities of domicile of physical persons and legal entities according to assessment objects belonging to them

The state authorized body in the field of estimative activities, local authorities of the government, municipalities of domicile, physical persons and legal entities based on the requirements provided by this Law have the right to carrying out assessment by the appraiser of any assessment objects belonging to them.

The right to evaluating object of assessment does not depend on the procedure of the state statistical recording and financial accounting established by the legislation of the Republic of Tajikistan. This right extends also during repeated assessment of object of assessment. Results of evaluating object of assessment can be used for adjustment of accounting data and the reporting.

In necessary cases results of evaluating object of assessment can be appealed by interested persons according to the procedure, established by the legislation of the Republic of Tajikistan.

Article 7. Assumption of determination of market value of object of assessment

If in the regulatory legal act containing the requirement of obligatory evaluating object of assessment or in the agreement on assessment object assessment (further - the agreement) the specific cost type of object of assessment is not determined, market value of this object is subject to establishment.

The specified rule is subject to application and in case of use in the regulatory legal act which is not provided by this Law or standards of assessment of the terms determining assessment object cost type including the terms "actual value", "actual cost" "the corresponding cost" and others.

Article 8. Types of assessment of objects of assessment

Types of assessment of objects of assessment are: obligatory assessment and initiative assessment.

Obligatory assessment is performed when involving in the transaction of the following objects of assessment:

- in case of cost determination of objects of assessment in case of their privatization, transfer to lease or transfers to trust management;

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