Date : 20 February 2009

TO : ALL REGISTERED VALUERS, APPRAISERS AND ESTATE AGENTS

Dear Sir(s)/ Madam

Revocation Of Circular 5/97 On Section 23 Of The Valuers, Appraisers And Estate Agents Act 1981

The Board observes with disquiet the recent trend of Registrants setting up separate legal entities under the umbrealla of their group, which practice is against Section 23(4) of the Valuers, Appraisers and Estate Agents Act 1981.

As you are aware the Board had via its Circular 5/97 allowed for the above arrangement provided the parent company held not less than 51% of the equity in the subsidary or the branch firm within the same group. Regrettably, this requiment has not been complied with and has caused undue negative impact on the profession and in order not to perpetuate this form of arrangement, the Board has now decided to revoke its Circular 5/97 with the effect from 1 March 2009.

Henceforth, all applications from registered persons will have to strictly comply with Section 23 of the Act i.e no registered person shall be in more than one firm.

Notwithstanding the aforesaid, firms which have been approved before the coming into forceof this Circular may continue subject to its conditions of approval.

Please be guided accordingly.

Yours faithfully

LEMBAGA PENILAI, PENTAKSIR DAN EJEN HARTATANAH MALAYSIA
R.MAHALETCHUMI

Registrar