CONSTITUTION OF THE INTITUTE OF APPRAISERS AND COST ENGINEERS
(a Division of the Nigerian Society of Engineers)

Preamble
    To the end that a wholesome and exemplary relationship be maintained between this institute and the Nigerian Society Of Engineers; this institute and the general public that its members serve; among the chapters, boards and committees of the institute; and between the institute and it individual members, for the common good of every interest concerned, the constitution and by-laws are established.

ARTICLE I-Name

SECTION 1-The name of this nonprofit membership organization is the INSTITUTE OF APPRAISIVES AND COST ENGINEERS,”IA&CE” or the “Institute”.

ARTICLE II-Objectives

PART A-Appraisal

SECTION 1-The Institute shall promote the exchange of ideas and experiences among its members, cultivate the profession of appraising; establish and maintain principles of appraisal practice and a code of ethics for the guidance of its members; maintain universal recognition that members of the Institute are objective, unbiased appraisers and consultant of property values; award one or more professional designations to qualified members of the institute and seek to attain recognition of the profession by both public and private enterprise.

SECTION 2-The Institute recognizes that there are basic communities of concept, purpose, thought, practice, and standards that are common to the many appraisal fields particularly those in which professional engineering knowledge, experience and judgment are required, in which its members engage and that their guided promotion and establishment are vital to each and all such special fields and to the appraisal profession and the public.

SECTION 3-The Institute shall promote research and development in all phases of property economics; cooperate with other appraisal and valuation societies and related professions and with finance, economics engineering, architecture accounting, building construction and related interests real estate, insurance, taxation, and management; and approve and adopt reports of its committees or other group as to standards, code, and recommended practices.

SECTION 4-The Institute shall forbid the use of its name, emblem, or initials in any manner not in accord with it constitution, by-laws, principles of appraisals practice and code of ethics.

SECTION 5-The Institute shall have the power to do any act or thing necessary to its functioning.

SECTION 6-The Board of Governors shall establish an Educational Foundation with the purpose that the Educational Foundation shall encourage the advancement in appraising of all classes of property, both real and personal.

PART B-Cost Engineering

SECTION 1- To promote through education and scientific means Cost Management and Cost Engineering for the public good.

SECTION 2- To advance the science and art of Cost Management and Cost Engineering.

SECTION 3-To provide fora and media through which experience with the principles and techniques of Cost Management and Cost Engineering may be reported, discussed, and published in furtherance of the public interest.

SECTION 4-To promote standardization of terminology in Cost Engineering and Cost Engineering and so far as practical develop standard methods.

SECTION 5- To encourage the Inclusion of Cost Engineering instruction in engineering curricula in furtherance of our primary objective.

SECTION 6- To     cooperate with other organizations having common or related objectives in furtherance of the public interest.

SECTION 7- To be organized and function exclusively for charitable, educational, and scientific purposes.

SECTION 8-To evaluate and issue specialty certification credentials to individuals having expertise in Cost Management and Cost Engineering.

PART C-Engineering Economy
SECTION 1- To promote through education and scientific means, engineering economy and engineering economic analysis for the public good.

SECTION 2- To advance the science and art of engineering economy an engineering economic analysis.

SECTION 3- To provide fora and media through which experience with the principles and techniques of engineering economy and engineering economic analysis may be reported, discussed, and published in furtherance of public interest.

SECTION 4- To promote standardization of terminology in engineering economy an engineering economic analysis and so far as practical develop standard methods in Process Economics, Manufacturing Economics, Telecommunications  Economics,        Electric Power Economics,   Control  Systems Economics, Mining Economics, Exploration and Exploitation Economics, etc.

SECTION 5- To support engineering economy instruction in engineering curricular in furtherance of the institute’s primary objectives.

SECTION 6-To evaluate and issue specialty certification credentials to individuals having expertise in engineering economy and engineering economic analysis.

ARTICLE III-Headquarters

SECTION 1-The headquarters of the Institute shall be in the city of Abuja Federal Capital Territory or in such other place as the Board of Governors may designate. The principal office shall be known as the “Headquarters”.

ARTICLE IV-Organisation

SECTION 1-The institute shall function nationally. It may extend the privileges of membership and/or affiliation to persons engaged in appraisal, valuation, cost engineering, engineering economy, and/or related activities in Nigeria, Africa and outside the continental limits thereof.

SECTION 2-Chapters of the Institute may be charged in geographical locations subject to approval of the Board of Governors as outlined in the By-laws.

SECTION 3- Affairs and activities of the Institute which in the opinion of the Board of Governors are national or international in scope shall be directed by Board of Governors or through an authorized delegation of power under the provisions of the constitution and by –laws.

ARTICLE V- The Principles of Appraisal Practice and Code of Ethics.
The words “appraisal” or “appraiser” or “valuation” or “valuer”, are interchangeable and synonymous and are so understood herein.

SECTION 1    -Principles of Appraisal Practice and a Code of Ethics shall be established by the Institute and may be altered, modified or amended under the bylaws.

SECTION 2     -The entire valuation membership of the Institute, individually and collectively shall observe the institute’s principles of appraisal practice and code of ethics in all respects and at all times.

ARTICLE VI-  The Principle of Cost Engineering Practice and Code of Ethics.

SECTION 1    - Principles of Cost Engineering Practice and Code of Ethics shall be established by the Institute and maybe altered, modified or amended under the bylaws.

SECTION 2-   The Institute is dedicated to the tenets of furthering the concepts of Total Cost Management and Cost Engineering. Total Cost Management is the effective application of professional and technical expertise to plan and control resources, costs, profitability and risk. Simply state, it is a systematic approach to managing cost throughout the life cycle of any enterprise, programme facility, project, product or service. This is accomplished through the application of cost engineering and cost management principles proven methodologies and the latest technology in support of the management process.

SECTION 3-    Cost Engineering is that ara of engineering practice where engineering judgment and experience are utilized in the application of scientific principles and techniques to problems of business and program planning; cost estimating; economic and financial analysis; cost engineering; programme and project management; planning and scheduling; and cost and schedule performance measurement and change control.
The entire Cost Engineering membership of the Institute, individually and collectively shall observe the Institute’s principles of Cost Engineering practice and code of ethics in all respects and in all times.

 

ARTICLE VII- THE PRINCIPLES OF ENGINEERING ECONOMY PRACTICE AND CODE OF ETHICS.

SECTION 1- Principles of Engineering Economy Code of Ethics shall be established under the by-laws.

SECTION 2- The Institute is dedicated to the systematic evaluation of the economic merits of proposed solution to engineering problems; which to be economically acceptable must demonstrate a positive balance of long-term benefits over long-term costs and must also:
.    Promote the well-being and survival of an organisation.
.    Embody creative and innovative technology and ideas,
.    Permit identification and scrutiny of their estimated outcome and
.    Translate profitability to the “bottom Line” through a valid and acceptable measure of merit.

SECTION 3- Engineering Economy is the monetary (financial) side of the decision that Engineers make or recommnd as they work to position a firm to be profitable in a highly competitive market place. Inherent to these decisions are trade offs among different types of costs and the performance (response time, safety, weight, reliability, etc) provided by the proposed design or problem solution. The mission of engineering economy is to balance these tradeoffs in the most economical manner.
The entire Engineering Economy membership of the Institute, Individually and collectively shall observe the Institute’s principles of Engineering Economy practice and code of ethics in all respects and at all time.

ARTICLEVIII- MEMBERSHIP GRADES

SECTION 1- The Institute shall establish the following grades of membership: Affiliate, Candidate, Accredited, Accredited Senior, Fellow, Life and Honourary.

SECTION 2- No applicant shall  be admitted to the Institute or grades of admission or accreditation as prescribed by the constitution and by laws.

ARTICLLE IX- VOTING

SECTION 1- Only financial members in the grade of  Accredited member, Accredited Senior member, Fellow or life member and no others, shall be entitled to vote for national officers, disciplinary committee officers and on any question or subject at the national level. Each such member shall have one vote n any question to be voted upon by the Institute to be exercised either in person or by proxy, and members in these grades only shall be eligible to hold chapter office in the Institute.

ARTICLE X- MEMBERSHIP ADMISSION

SECTION 1- Membership shall be limited to persons engaged in the appraisal profession, cost engineering, engineering economy, and/ or related activities.

SECTION 2- Applicants for affiliate or affiliate (student) membership shall be of legal age and of good character and shall be interested in one or more of the professions or appraisal, cost engineering or engineering economy but do not prepare appraisal or engineering cost/ estimates of engineering economy studies or hold themselves out ot the public as competent to perform same. Applicants for membership as Affiliate Firms may be firms comprising more than ne individual with an interest in the appraisal profession, cost engineering and/or engineering economy. Affiliate membership may include students, firms and/or practitioners in related professions.

SECTION 3- Applicants for the grade of candidate membership shall be of legal age, of good character, shall have established financial responsibilities, residence and business experience and are committed to professional training and development leading to a professional accreditation.

SECTION 4- Members in every grade of membership except Honourary and Affiliate Firm, sall be virtue of such membership be deemed to have agreed to accept and abide by the constitution and by-laws of the Institute and ay amendment made thereto.
SECTION 5-Except in the category of Affiliate Firm, membership of the institute shall be only on an individual basis. Membership shall not be transferable.
ARTICLE XI-Membership Accreditation/Advancement
SECTION 1-for the grade of Accredited member, the primary requisites shall be:
A) Engagement in the profession of appraisal, cost engineering and/or engineering economy.
B) A bachelor’s degree, or higher degree, from a recognised and fully accredited college or university, or such other educational knowledge or experience as may be dimmed to be equivalent of such professional education by the board of examiners.
C) Attainment of legal age and shall have two years of full time appraisal, cost engineering and/or engineering economy experience. An accredited member shall be required to submit evidence of professional growth through continuing education and/of participation in professional activities each (five)5 years from the date of accreditation to remain an accredited and designated member. Accredited members failing to become re accredited will be dropped to the grade of candidate.
SECTION 2-A member shall apply for advancement to the grade of Accredited Senior member as soon as he or she has acquire the qualifications for that grade.
SECTION 3-For the grade of Accredited Senior member, the primary requisites shall be:
a) Engagement in the appraisal professional, cost engineering or engineering economy. Membership of the Nigerian Society of Engineers and registered with COREN.
b) A bachelor’s degree, or higher degree, from a recognised and fully accredited college or university, or such other education, knowledge or experience as may be deemed to be the equivalent of such professional education by the Board of Examiners plus COREN Registration.
C) Attainment of legal age, and shall have five years of full time experience in appraisal or cost engineering or engineering economy from date of becoming an accredited member.
d) An Accredited Senior Member shall be required to submit evidence of professional growth through continuing education and/or participation in professional activities each five (5) years from the date of certification to remain a certified and designated Accredited Senior Member. Accredited Senior Members failing to reaccredit will be dropped to the grade of Accredited members.
SECTION 4-An Accredited member may use after his name the appropriate designation as set forth in the by-laws.
SECTION 5 The incorporators and certain charter members, jointly not exceeding twelve (12) in number, shall automatically become life members upon the adoption of this constitution in recognition of their services in the formation and establishment of this institute.
SECTION 6  Those persons in the grade of Accredited members who have given their moral support to the institute, or who have given their moral support to the institute, its formation and its principles and purposes by signing the charter membership Roster, shall constitute the charter members of the institute.
SECTION 7
a) The membership grade of fellow is an honorary award bestowed upon duly qualified Accredited senior members by the Board of Governors acting in accordance with the provisions of Article XX (section) 4
b) All previously acquired rights privileges, and benefits granted by the institute are continued and included with advancement to the grade of fellow.
C) A fellow of the institute may use the appropriate designation after his or name as set forth in the by-laws.
SECTION 8
a) Life membership shall be bestowed only to Accredited senior or Fellow members of the institute by action of the Board of Governors.
b) Persons obtaining the status of life member shall be exempt from further payment of dues
c) This section shall not apply to life membership bestowed upon the incorporators of the institute.
SECTION 9 The grade of Honorary Member maybe bestowed upon non-members who in the judgment of the Board of Government of the appraisal, cost engineering and/or engineering economy professions or performed and unusual and valuable service for the institute.
ARTICLE XII Fees and Dues
SECTION 1 The initiation fees and annual dues for membership shall be as determined by the two-thirds vote of the entire Board of Governors.
SECTION 2 The grades of life member and Honorary member shall be except from the payment of annual dues
SECTION 3 Dues shall be payable annually in advance on the first day of each fiscal year.
ARTICLE XIII GOVERNMENT
SECTION 1 The institute shall be governed by this constitution in accordance with the by-laws adopted by the board of Governors.
ARTICLE XIV Elected officers and Regional coordinators
SECTION 1 The officers of the institute shall be a chairman, three Vice Chairmen (Appraisal, Cost Engineering Economy),a Secretary and a Treasure.
SECTION 2 The national chairman, Vice chairman, Secretary and treasurer of the institute shall take office when they have been duly elected and qualified.

 

SECTION 3
a) The National Chairman, Secretary and Treasurer, each respectively, shall hold office for one year and may not succeed himself except at the invitation of the Board of Governors; but in no event shall any elected officer, other than Vice Chairmen, serve for more than two (2) consecutive years in the same office.
b) A nominee for Office must be an Accredited senior member or higher to be eligible for election.
Officers may hold no other elected office in the instite during their term of office.
SECTION 4
a) The nominal term of Regional Coordinator shall be for two years each, in no event shall a regional coordinator succeed himself for more than one term either by an election or an appointment. The regions are North West, North Central, North East, south West, South South and south East.
b. In the event that the preponderance of the Regional co-cordinators terms expire at the end of the same fiscal year, the National chairman may elect a Regional coordinator for a one (1) year term.
SECTION 5 Vacancies occurring in any of the foregoing offices shall be filled by appointment through the majority action of the Board of Governors
SECTION 6 Each Regional coordinator representing a geographical region as set forth in the by-laws, shall be elected at least thirty (30) days prior to the start of the institutes next fiscal year in which his terms starts. A nominee for regional coordinator must be an Accredited senior member and must have his chapter’s endorse only one nominee. The Regional co-coordinator total votes cast by chapter officers in the region he is to represent. East chapter shall have one (1) vote for the regional co-ordinator, said vote to be determined by a simple majority of votes by the officers of each chapter. In the event of tie, the chapter chairman may ask the immediate past chapter chairman to break the tie. Regional co-ordinators may hold no other office in the institute at any level during the term as Regional Co-ordinator. If a region is without any chapters, the Co-ordinator therefore shall be elected by the members in that Region or appointed by the Board of Governors at its options. In any event, failure of any Region to elect a co-ordinators as herein provided, within the time schedule indicated, shall automatically forfeit that Regions right so to elect and in such event the Board of Governors shall appoint a Co-ordinator for the term applicable to Regional fiscal year the Board of Governors may elect to appoint one or more co-ordinators for a one (1)year term.
SECTION 7-No voting officer or Governor at the national or chapter level shall receive any salary or other compensation, or anything of value in lieu thereof, directly or indirectly, by virtue of his activity on or in behalf of the institute unless the same is duly authourised by a majority vote of the entire                                                  Board of Governors; provided, however, that this shall not be construed to prohibit reimbursement for experience incurred in the discharge of a duty pursuant to the legal directive of a duly constituted authority at the Chapter or National level, whichever may be appropriate.
ARTICLE XV Duties of National officers, Co-ordinators and chapter officers
SECTION 1-The duties of the National officers, the Regional Co-ordinators and the Chapter Officers shall be as set forth in this constitution and by-laws, as they may be amended.
ARTICLE XVI The Board of Governors
SECTION 1-The affairs of the institute shall be managed by a Board of Governors which shall have full control of the activities, investment, appropriations and expenditures of the institute subject to the limitations of the NSE Articles and Memorandum of Associations, this constitution and the by-laws, as they may be amended.

SECTION 2-

  1. The Board of Governors shall consist of the National chairman, secretary and Treasurer of the institute; the Disciplines chairman; the Regional Co-ordinators and the Society’s two immediate past Chairmen.

In the event of an assimilation or consolidation into the institute of Appraisals and Cost Engineers of any other group or organisation, which shall include but not be limited to merger or unification, the Board of Governors of the institute of Appraisals and cost Engineers shall be authourized to expand the membership of the Board of Governors by not more than three appointed  positions which shall be classified as “at large positions to be filled by representatives of the group assimilated and said positions shall be limited to a duration of two (2)fiscal years.
SECTION 3-The Board of Governors shall prepare and adopt by-laws, which shall govern the procedure of this institute under this constitution. such by-laws may be amended by a majority. vote of the entire Board of Governors, provided however, that the text of a proposed by-law or amendment shall have been furnished to each member of the Board at least ten (10) days before the meeting at which thereon is to be taken.
SECTION 4- The members of the Board of Governors, when acting in good faith in their official capacities of this institute shall not be held responsible by the institute to third persons for any liability resulting from such acts. Any liability caused by the willful misconduct of any member of the Board of Governors shall not be assumed by this institute.
SECTION 5-The Board of Governors shall meet upon the call of the National Chairmen and at such times as may be necessitated or prescribed in the by-laws. Members of the Board may vote by person or by mail. A majority of the Board thus participating shall constitute a quorum of the Board of Governors for the purposes of this meeting.
SECTION 6-The Board of Governors shall prepare an annual report of the activities, membership and financial condition of the institute, which report shall be presented at the annual meeting of the institute and subsequently mailed to every member not later than two(2) months after the annual meeting of the institute.
SECTION 7-The Board of Governors shall be empowered to retain an Executive Administrative officer whose title shall be Executive Director. A primary requisite for the position of Executive Directors membership of the institute in the grade of Accredited senior member or higher. Terms of tenure, compensation, and allowances shall be at the discretion of the Board of Governors by agreement with the Executive Administrative officers shall be a non- voting member of the Board of Governors.
SECTION 8-The board of Governors shall be empowered to retain legal counsel, as they deem necessary. He shall present the institute and give it his legal counsel when called upon to do so an, upon the request of the Board of Governors and to the extent requested, he shall review the affairs of the institute and its activities for their legal import and make reports and give opinions theron to the Board of Governors if the circumstances by agreement with the General counsel. At the option of the Board of Governors counsel may be included as a non-voting member of the Board of Governors. such counsel preferable must be a member of the institute.
SECTION 9-The Board of Governors is hereby specifically empowered to initiate, receive, consider, hold hearings, resolve and pass judgment upon complaints pertaining to any elected or appointed officer of the institute and/or any of its chapters or members for incompetence, non-performance, misuse of funds, or any other matter deemed by the Board of Governors to be to the removal from office of any member complained against when it considers this to be appropriate and necessary and to any member or any other suitable method of discipline.
ARTICLE XVII Election of Officers
SECTION 1-National and Chapter Officers of the institutes shall be elected in accordance with the following procedure:
a) For National Election:
(1)On or before the first day of November in each year the National chairman shall make appointments as necessary to fill vacancies on the National Nominating and Awards Committee.
(2)On or before the fifteenth (15) day of April each year the national secretary shall mail to each voting member an official National Election ballot showing the nominations for each office. These official ballots, for which secret ballot enclosing envelopes must be supplied, shall provide means for each member to indicate his choice of the nominees so named and also the means for each member to write in the names of alternate selection if he so desires.
(3) Every voting regulation shall be printed on the official ballot and shall be complied with by each member. Any violation thereof shall invalidate the entire ballot concerned therewith.
(4) the National Secretary shall indicate on the official ballot the date set for the close of the polls and in order to be valid each ballot cast must reach the office of the National Secretary not later than the date so stated.
(5) The Polls shall close at the end of the sixtieth (60th) day following the date of the election notice. At such close of the polls, the ballots will be opened and tabulated by three(3) teller who shall be appointed not less than ten (10) days before the close of the total number of valid votes cast by the voting membership of the division.
(6) Other regulations may be adopted by the Board of Governors as it shall deem necessary or appropriate and they shall be established as by by-laws governing the election procedure.

For chapter Election:
(1)The election procedure to be adopted by chapters shall conform with the procedures established for National elections or as shown in their by-laws as approved by the National Board of Governors.
ARTICLE XVIII-Annual Meetings
SECTION 1-The institute shall hold the annual meeting of membership of the institute on such day as the Board of Governors shall designate. The annual meeting must be held and the place thereof shall be fixed by the Board of Governors as it deems appropriate. Reports on the activities, membership and financial condition of the institute and the results of the annual election of National Officers shall be presented by the Board of Governors and read to the meeting or supplied in writing.
SECTION 2-Notice of the annual meeting shall be sent by mail to all members at least thirty (30)days in advance of the date thereof.
SECTION 3-Parliamentary or Roberts Rules of Order shall govern the procedure to be followed at all meetings of the institute and the Board OF Governors when such Rules are not in conflict with the Memoranda and Articles of the society, this constitution and the institutes by-laws, and amendments thereto.
SECTION 4-Natinal Conferences of the institute may held at times and locations designated by the Board of Governors.
SECTION 5-National Conferences of the institute may be held at times and locations designated by the Board of Governors.
SECTION 5-THE Assembly of Delegates, as set forth in the by-laws, shall convene during the Annual National Conferences prior to the annual meeting of the membership at a time and place to be fixed by the Board of Governors. The presiding officer shall submit a report of the resolutions and recommendations resulting from the Assembly to the Assembly to the National Chairman and Board of Governors of the institute.
ARTICLE XIX Standing and Other Committees
SECTION 1-The following are standing (permanent),constitutional committees established for the purpose of assisting the National Chairman and the National Board of Governors.
a) Executive Committee six (6) members consisting of the National Chairman as Chairman, the national senior Vice Chairman, the National secretary and the National Treasurer of the institute.
b) National Nomination and Awards Committee seven (7)Members in the grade of Accredited Senior Member or higher, one of whom is the outgoing National chairman and serves as Chairman for the ensuing year. No two members shall be from the same regional district except in the case of the immediate past National chairman. Original members shall serve staggered terms with one new chairman and one new member every year appointed by the National Chairman and one new member every year appointed by the Board of Governors, both new members to serve for a three (3) year term.
c) National Constitution and by-laws committee
Five (5) members in the grade of Accredited senior members in the grade of Accredited senior member or higher. Original members shall initially serve staggered terms with each new member thereafter appointed by the National Chairman for a five year term. The Chairman shall be appointed annually by the National chairman.
d) National Publication committee five (5)members in the grade of accredited senior member or higher, one (1)of whom shall be the  National Treasurer serving a one(1) year term. The other four (4) members shall initially serve staggered terms with each new member there after appointed by the National chairman for a four (4) year term. The chairman shall be appointed annually by the National chairman.
e) National Admissions                                                                                                                                    and Membership committee
Five (5) members in the grade of  Accredited senior member or higher. Original members shall serve staggered terms with each new members thereafter appointed by the National Chairman shall be appointed annually by the National Chairman.
f) National Ethics Committee
five (5) members, at least three(3)of whom shall be in the grade of Accredited senior member or higher, originally serving staggered terms with each new member  there after appointed by the National Chairman for a five(5)year term. The initial chairman shall be appointed annually by the national chairman; there after, that committee member with seniority in terms of years served on the committee shall automatically become chairman for ensuring year. If the chairmanship is not acceptable to the member, the National chairman shall appoint a chairman. Appointments shall be made with regard to diversified geographically and valuation category, cost engineering, engineering economy representations.
g) National Education committee
Five (5)members originally serving staggered terms with each new member thereafter appointed by the national Chairman.
h) Historian
There shall be a permanent appointed institute Historian. He shall serve until such time as he is unable to fulfill his duties for the best interest of the institute. When unable to serve, his successor shall be appointed by the National Chairman.

  1. Long Range Planning Committee

Five (5) members in the grade of Accredited senior member or higher members shall be past National officers and/or past Regional Coordinators. Original members shall serve staggered terms with each new member thereafter appointed by the National Chairman for a five (5) year term. The Chairman shall be appointed by the National Chairman.
j) National Budget and Finance Committee, National senior vice chairman, National secretary and two(2)Regional Co-ordinators appointed by the Board of Governors annually. The  chairman of the long Range planning committee, and the chairman of each of the Discipline committees.
SECTION 2-Special and other committees of the institute may be appointed by the National chairman upon resolution of the Board or by the National chairman upon resolution of the Board or by the National chairman upon his own initiative.
SECTION 3- All committee report and/or recommendations for its consideration. Appointments for filling committee vacancies and expired terms shall be made by the national chairman.
SECTION 4 when deemed necessary, a National chairman of a committee, with the approval of the National chairman, may appoint a sub-committee and its chairman to serve during one administration only.

ARTICLE XX Body of follows
SECTION 1 there shall be establishment and maintained a body of follows of the Institute of Appraisers and cost engineers.
SECTION-2 Objective and Purpose of the Body of Fellows
The objective and purpose of the body of fellow shall be to discover, develop, and define the fundamental principles on which sound appraisal, cost engineering and/or engineering economy practice should be based, and to make these available to individual valuation/cost engineering/engineering economy societies, teachers, governmental agencies, legislators, the courts, and others concerned with the development, improvement, regulation, and control of appraisal, cost engineering and/or engineering economy practice.
     It shall be the primary function of the Body of fellows to publish, from time to time, written expressions of appraisal, cost engineering and/or engineering economy its opinions, judgments, conclusions concerning concepts, definitions, principles, methods and practices, with the intent of building an authoritative body of principles, but also recognizing that the principles thus established will, in all probability, be amenable to further refinement and development.
SECTION 3- Membership.
The membership of the Body of fellows shall comprise all fellows of the institute of Appraisers and cost Engineers. A fellow shall have life tenure in the body provided he remains a member of the institute in good standing. The Body of fellows shall have faculties for valuation, cost Engineering, and Engineering Economy.
SECTION 4-Qualifications required for the membership Grade of fellow and the Procedures for the Awarding of a fellowship.
The awarding of a fellowship in the institute of Appraisers and Cost Engineers is deemed to be a signal honour and one which confers great distinction upon the recipient. To the end that this honour shall be bestowed only upon those truly worthy of it, the following criteria and procedures are hereby established.
PART A-APPRAISAL
a) A nominee for the grade of fellow shall:
1) Have demonstrated exceptional proficiency as a professional appraisal and/or made a notable contribution to the profession by assemblage of data, development or perfection of appraisal methods,or as a teacher, author ,or researcher and
2) be an Accredited Senior Valuer active for at least (5) years in that grade in institute affairs as evidenced by attendance at meetings and/or holding chapter, state, Regional, or National Office; Or serving on committees; Or National office; or serving on committees; Or presenting papers on committees; or presenting papers on appraisal subjects.
b) Nominations for the grade of fellow:
1) may be made by an Accredited member or Accredited senior valuer or fellow; or by the Governing Body of any Chapter of the institute, except that no Accredited senior Appraisal may nominate himself;
2) National officers shall not be eligible for nomination to the Fellows during their term of office;
3) When a nomination for membership to the Body of fellows has been presented for vote of the body and that vote results in less than a majority of votes required for favourable acceptance, then that member cannot be again considered for nomination to the Body of Fellows for a term of not less than three years;
4) Shall b on forms prescribed by the Body of Fellows;
5) Shall be sent to the chief executive officer of the Body of fellows for presentation to the members of the member of the Body.
C(1) The Body of fellows shall make such examination and investigation of the nominee’s quantifications as it considers necessary and appropriate to determine whether in its opinion, the nominee is dully qualified and should be recommended for the award.
(2) The membership of the body shall be polled and, if a majority of a quorum of the Body agreed that the nominee is qualified and should be recommended for award, the is fact shall be certified by the chief executive officer of the Body and said certification and recommendation shall be forwarded to the Board of Governors. A quorum is defined as 50% or more of the entire membership of the Body.
(3) The Board of Governor may take the award of a fellowship to the nominee by a majority vote of its entire membership.
(4) The awarding of fellowship may be made only to a norminee who has been certified and recommended to the Board of Governors by the Body of fellows
PART B-COST ENGINEERING
a. A nominee for the grade of Fellow shall:
(1) have demonstrated exceptional proficiency as a professional cost engineer and/ or made a notable contribution to the professinal by assemblage of data, development or perfection of cost engineering method, as a teacher, author, or researcher;
(2) Have practiced cost engineering for a minimum of fifteen (15) years and shall be a member of the institute for at least ten (10) years and
(3) Be an Accredited Senior Cost Engineer active at least five (5) years in that grade in institute affairs as evidenced by attendance at meetings and/ or holding chapter, state, regional or national office; or serving on committees or presenting papers on cost engineering subjects.
b) Nominations for the grade of fellow;
1) may be made by an Accredited member or Accredited Senior Cost Engineer or fellow; or by the Governing Body of any Chapter of the institute, except that no Accredited Senior Cost Engineer may nominate himself;
2) National officers shall not be eligible for nomination to the Body of fellows during their term of office;
3) When a nomination for membership to the Body of fellows has been presented for vote of the body and that vote results in less than a majority of votes required for favourable acceptance, than that member cannot be again considered for nomination to the Body of Fellows for a term of not less than three years:
4) Shall be on forms prescribed by the Body of fellows;
5) Shall be sent to the chief executive officer of the Body of fellows for presentation to the members of the Body.
c) (1)The Body of fellows shall make such examination and investigation of the nominees qualifications as it considers necessary and appropriate to determine whether, in its opinion, the nominee is duly qualified and should be recommended for the award.
2) The membership of the Body shall be polled and, if a majority of a quorum of a body agree that the nominee is qualified and should be recommended for award, this fact shall be certified by the chief executive officer of the Body and said certification and recommendation shall be forwarded to the Board of Governors. A quorum is defined as 50% or more of the entire membership of the Body.
3) The Board of Governors may make the award of a fellowship to the nominee by a majority vote of its entire membership.
4) The awarding of a fellowship may be made only to a nominee who has been certified and recommended to the Board of Governors by the Body of Fellows.
PART C-ENGINEERING ECONOMY
a) A nominee for the grade of fellow shall:
1) Have demonstrated proficiency in engineering economic analysis and made outstanding contributions to the professional advancement of engineering economy and valuable service to the institute;
2) Have practiced engineering economy for a minimum of fifteen (15) years and must have been a member of he institute for at least ten (10) years and
(3) be an Accredited senior Engineering Economist active for at least five 95) years in that grade in institute affairs as evidence by attendance at meetings and /or holding chapter, state, regional or National office ; or serving on committee; or presenting papers on engineering economy subjects.
(b) Nominations for the grade of fellow;
(1) may be made by an accredited senior engineering Economist or fellow; or by the Governing Body of any chapter of the institute, except that no Accredited senior Engineering Economist ma nominate himself;
(2) National officers shall not be eligible for nomination to the Body of fellows during their term of office;
(3) When a nomination for membership to the Body of fellows has been presented for vote of the body and that votes required for favourable acceptance, then that member cannot be again considered for nomination to the Body of fellow for a term of not less than three years;
(4) Shall be on forms prescribed by the Body of Fellow for presentation to the member of  the Body.
c.(1) The Body of fellows shall make such examination and investigation of the nominee’s qualifications as it considers necessary and appropriate to determine whether, in the opinion, the nominee is dully qualified and should be recommended for the award.
(2) The membership of the Body shall be polled and, if a majority of a quorum of a Body agree that the nominee qualified and should be recommended for award, this fact shall be certified by the chief executive officer of the Body and said certification and recommendation shall be forwarded to the Board of Governors. A quorum is defined as 50% or more of the entire membership of the Body.
(3) The Body of Governors may make the award of a fellowship to the nominee by a majority vote of its entire membership.
(4) The awarding of a fellowship may be made only to a nominee who has been certified and recommended to the Board of Governors by the Body of fellows
SECTION 5 Organisational Structure and Rules of Procedure. The Body of the fellows shall establish his own organisational structure and rules of procedure, subject to the constitution and by-laws of the institute to facilitate accomplishment of its objectives and the performance of its functions.
ARTICLE XXI Amendments
SECTION 1-Amendments to this constitution may be proposed in the following manner;
a) By resolution adopted by a vote of two-thirds of the entire Board of Governors; Or
b) By petition signed by not less than 15% of the voting members of the society in good standing, presented to the Board of Governors for its action.
SECTION 2-Every proposed amendment, however originated, shall be submitted to legal counsel, if available, for a ruling as to the legality of said proposed amendment prior to its consideration by the Board of Governors.
SECTION 3-Aproposed amendment, whether or not originating within the board, shall be sent by the National secretary in ballot form to every member of the institute eligible to vote, within thirty (30)days after the Board takes such action. All ballots must be signed by the voting members and postmarked within thirty (30) days after the date of mailing to the members to be valid. A committee of Tellers, not exceeding three (3)in number, shall count the ballots. A two-thirds majority of votes cast shall be necessary for the adoption of the proposed amendment which, if such a majority is voted, shall become effective fifteen (15) days after the close of voting unless another effective date is stated in the amendment.
     

 

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