Asset Appraisal Law of the People's Republic of China
Asset Appraisal Law of the People's Republic of China
Asset Appraisal Law of the People's Republic of China
Order of the President No.46
July 2, 2016
The Asset Appraisal Law of the People's Republic of China, adopted at the 21st Session of the Standing Committee of the Twelfth National People's Congress of the People's Republic of China on July 2, 2016, is hereby promulgated and shall come into force as of December 1, 2016.
President of the People's Republic of China Xi Jinping
Asset Appraisal Law of the People's Republic of China
(Adopted at the 21st Meeting of the Standing Committee of the Twelfth National People's Congress on July 2, 2016)
Contents
Chapter I General Provisions
Chapter II Appraisal Professionals
Chapter III Appraisal Institutions
Chapter IV Appraisal Procedures
Chapter V Industry Associations
Chapter VI Supervision and Administration
Chapter VII Legal Liabilities
Chapter VIII Supplementary Provisions
Chapter I General Provisions
Article 1 This Law is formulated for the purpose of regulating asset appraisal acts, protecting the legitimate rights and interests of the parties involved in an asset appraisal as well as the public interest, promoting the healthy development of the asset appraisal industry and maintaining the socialist market economy order.
Article 2 The term "asset appraisal" (hereinafter referred to as the "appraisal") as mentioned in this Law refers to professional services in which an appraisal institution and its appraisal professionals, as entrusted, evaluate and estimate the values of immovable, movables, intangible assets, enterprise values, asset losses or other economic interests and produce an appraisal report.
Article 3 Any natural person, legal person or other institution that needs to determine the value of an appraisal object may entrust an appraisal institution to conduct appraisal on a voluntary basis.
With regard to matters involving state-owned assets or the public interest, an appraisal is required by laws and administrative regulations (hereinafter referred to as the "statutory appraisal"), an appraisal institution shall be entrusted to conduct appraisal.
Article 4 An appraisal institution and its appraisal professionals shall conduct business in accordance with laws, administrative regulations and appraisal standards, and follow the principles of independence, objectivity and impartiality.
Appraisal institutions and their appraisal professionals that carry out appraisal according to the law shall be protected by law.
Article 5 Any appraisal professional shall join an appraisal institution to conduct appraisal and may only practice appraisal in one appraisal institution.
Article 6 The appraisal industry may lawfully establish the appraisal industry associations according to the fields of specialty, conduct self-disciplinary management, and accept the supervision of relevant appraisal administrative departments and the public.
Article 7 Relevant appraisal administrative department of the State Council shall conduct supervision and administration over the appraisal industry according to their respective responsibilities and functions.
Relevant appraisal administrative departments of the local people's governments at or above a city divided into districts shall conduct supervision and administration over the appraisal industry within their respective administrative regions according to their respective responsibilities and functions.
Chapter II Appraisal Professionals
Article 8 Appraising professionals include appraisers and other appraisal practitioners with the appraisal-related expertise and practical experience.
Appraisers refer to appraisal professionals that have passed appraisers qualification examination.
......
Order of the President No.46
July 2, 2016
The Asset Appraisal Law of the People's Republic of China, adopted at the 21st Session of the Standing Committee of the Twelfth National People's Congress of the People's Republic of China on July 2, 2016, is hereby promulgated and shall come into force as of December 1, 2016.
President of the People's Republic of China Xi Jinping
Asset Appraisal Law of the People's Republic of China
(Adopted at the 21st Meeting of the Standing Committee of the Twelfth National People's Congress on July 2, 2016)
Contents
Chapter I General Provisions
Chapter II Appraisal Professionals
Chapter III Appraisal Institutions
Chapter IV Appraisal Procedures
Chapter V Industry Associations
Chapter VI Supervision and Administration
Chapter VII Legal Liabilities
Chapter VIII Supplementary Provisions
Chapter I General Provisions
Article 1 This Law is formulated for the purpose of regulating asset appraisal acts, protecting the legitimate rights and interests of the parties involved in an asset appraisal as well as the public interest, promoting the healthy development of the asset appraisal industry and maintaining the socialist market economy order.
Article 2 The term "asset appraisal" (hereinafter referred to as the "appraisal") as mentioned in this Law refers to professional services in which an appraisal institution and its appraisal professionals, as entrusted, evaluate and estimate the values of immovable, movables, intangible assets, enterprise values, asset losses or other economic interests and produce an appraisal report.
Article 3 Any natural person, legal person or other institution that needs to determine the value of an appraisal object may entrust an appraisal institution to conduct appraisal on a voluntary basis.
With regard to matters involving state-owned assets or the public interest, an appraisal is required by laws and administrative regulations (hereinafter referred to as the "statutory appraisal"), an appraisal institution shall be entrusted to conduct appraisal.
Article 4 An appraisal institution and its appraisal professionals shall conduct business in accordance with laws, administrative regulations and appraisal standards, and follow the principles of independence, objectivity and impartiality.
Appraisal institutions and their appraisal professionals that carry out appraisal according to the law shall be protected by law.
Article 5 Any appraisal professional shall join an appraisal institution to conduct appraisal and may only practice appraisal in one appraisal institution.
Article 6 The appraisal industry may lawfully establish the appraisal industry associations according to the fields of specialty, conduct self-disciplinary management, and accept the supervision of relevant appraisal administrative departments and the public.
Article 7 Relevant appraisal administrative department of the State Council shall conduct supervision and administration over the appraisal industry according to their respective responsibilities and functions.
Relevant appraisal administrative departments of the local people's governments at or above a city divided into districts shall conduct supervision and administration over the appraisal industry within their respective administrative regions according to their respective responsibilities and functions.
Chapter II Appraisal Professionals
Article 8 Appraising professionals include appraisers and other appraisal practitioners with the appraisal-related expertise and practical experience.
Appraisers refer to appraisal professionals that have passed appraisers qualification examination.
......