Measures for the Administration of the Examination and Approval of Asset Appraisal Institutions
Measures for the Administration of the Examination and Approval of Asset Appraisal Institutions
Measures for the Administration of the Examination and Approval of Asset Appraisal Institutions
Order of the Ministry of Finance [2005] No. 22
May 11, 2005
Chapter I General Provisions
Article 1 These measures are formulated for the purpose of strengthening the administration of asset appraisal institutions, promoting the quality of asset appraisal work and ensuring independence, objectivity and impartiality in practice of the asset appraisal institutions.
Article 2 An asset appraisal institution refers to a social intermediary institution engaging in the asset appraisal business with the qualification of assets appraisal which was established in accordance with the law.
Article 3 The Ministry of Finance shall be the administrative department for the asset appraisal in the country. In accordance with the law, it shall take charge of the administration of examination and approval, and supervision of the asset appraisal institutions in the country, a uniform system for the administration of asset appraisal institutions shall be formulated by it also.
The public finance department (bureau) of the provinces, autonomous regions, or municipalities directly under the Central Government (hereafter referred to as the provincial public finance department) shall take charge of the administration of examination and approval, and supervision of the asset appraisal institutions within the areas under their administration.
The asset appraisal societies shall take charge of the self-disciplinary management of the asset appraisal industry and shall administer, supervise and inspect the asset appraisal institutions as an assistant to the administrative departments for asset appraisal.
Article 4 The range of asset appraisal consists mainly of: all kinds of individual asset appraisals, whole asset appraisals of enterprise, and other asset appraisals or project appraisals according to the market demands.
Article 5 An asset appraisal institution, shall acquire the asset appraisal qualifications in the light of the law and shall comply with the relevant laws, regulations, practice criteria and norms.
Article 6 The asset appraisal institution shall implement asset appraisal businesses, in accordance with the law without any restriction in terms of administrative area or trade or illegal intervention from any organization or individual.
Article 7 Each asset appraisal institution shall join the China Appraisal Society and become a member thereof.
Chapter II Establishment of Asset Appraisal Institution
Article 8 The organization form of an asset appraisal institution is that of partnership or limited liability company (hereafter referred to as "in the form of a company").
Article 9 An asset appraisal institution established in accordance with the law shall include such words as "Asset Appraisal" in its name.
Article 10 When establishing a partnership asset appraisal institution, not only the provisions prescribed in the relevant laws and regulations shall be met, the requirements following shall be met as well:
1. Having not less than 2 partners according to the conditions as prescribed in the present Measures;
2. Having not less than 5 certified asset appraisers (including the partners); and
3. The actual contributions of the partners are not less than100, 000 Yuan.
Article 11 When establishing an asset appraisal institution in the form of a company, not only the provisions prescribed in the relevant laws and regulations shall be met, the requirements following shall be met as well:
1. Having not less than 2 shareholders who meet the present requirements as prescribed in the present Measures;
2. Having not less than 8 certified asset appraisers (including the shareholders); and
3. Having a registered capital of not less than 300, 000 Yuan.
Article 12 Any "partner" or shareholder as mentioned in the present Measures other than those in situations prescribed in Article 13 of the present measures shall meet the requirements as follows:
1. Holding a Certified Asset Appraiser Certificate of the People's Republic of China (hereafter referred to as the CAAC);
2. Has more than 3-year-asset appraisal experience in an asset appraisal institution after acquiring a CAAC, and has no bad record;
3. Having registered in the asset appraisal institution (including its branches) and takes up asset appraisal business as a full-time job.
Article 13 In accordance with the internal management needs of an asset appraisal institution, and under the precondition of meeting the conditions as mentioned in Articles 10 through 12 of the present Measures a natural person without a certificate of asset appraisal can be added as an administrative management partner or shareholder, for whom the specific requirements shall be separately provided.
Article 14 The position of the chief partner of an asset appraisal institution in the form of partnership or the position of the legal representative of an asset appraisal institution in the form of a company shall be taken by one of the partners or shareholders with a CAAC.
Article 15 For the purpose of establishing an asset appraisal institution, all partners or shareholders shall adopt a resolution, and submit an application to the provincial public finance department.
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