135 Client to be provided with valuation

(1)

For the purposes of section 134(3), the licensee must give the client a valuation made at the licensee’s expense.

(2)

The valuation must have been made by—

(a)

an independent registered valuer; or

(b)

in the case of a business, by an independent qualified statutory accountant (within the meaning of section 5(1) of the Financial Reporting Act 2013).

(3)

The licensee must give the client the valuation either—

(a)

before seeking the consent of the client; or

(b)

with the agreement of the client, within 14 days after obtaining that consent.

(4)

Every consent given under section 134 without the valuation being supplied to the client in accordance with subsection (3) is ineffective.

(5)

Any contract to which the client is a party and to which the consent relates is voidable at the option of the client if—

(a)

the client gives his or her consent in accordance with subsection (3)(b); and

(b)

the valuation, when supplied, is greater than the valuation specified in the prescribed form of consent as the provisional valuation.

Compare: 1976 No 9 s 64

Section 135(2)(b): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).