(1) Upon getting approval in principle of merger of bank/s or financial institution/s pursuant to Section 70, such banks or financial institutions shall appoint, with mutual consent a person, firm, company or institution that is at least capable for carrying out auditing of a banks or financial institutions for valuation of their respective assets, liabilities, and transactions and information thereof must be furnished to the Rastra Bank:
Provided that, banks or financial institutions may carry out such valuation to be conducted before submitting an application to the Rastra Bank.
(2) Upon getting approval in principle to acquire a bank or financial institution pursuant to Section 70, the targeted institution shall get its assets, liabilities and transactions audited by an auditor appointed by the General Meeting or by the Board of Directors under the authority of the General Meeting.
(3) An acquiring institution may also carry out comprehensive valuation of the assets and liabilities of the target institution.
(4) If the Rastra Bank does not find actions of Valuator appointed pursuant to sub-Section (1) or (2) reliable, it may give an order to the concerned bank or financial institution to remove him/her and appoint another valuator.
(5) The concerned bank or financial institution shall determine by the terms and conditions of services of the valuator.
(6)While valuating the assets, liabilities, net worth, and overall transaction by the valuator, it has to be carried out according to the established norms, basis and procedures.
(7)The Rastra Bank may issue the necessary directives as to the methods of valuation, basis of valuation and the scope thereof.