Professional valuation of real property

(1) Where on perusal of any information furnished to the Supervisor under this Act it appears– (a) that the value placed by the company on any real property owned by it in Belize is too great; or (b) that the property is not adequate security for any loan secured by mortgage on such property and the interest thereon, the Supervisor may request the company to have the real property appraised by a valuer approved by him, and failing compliance with such request, the Supervisor may cause an appraisal of the real property to be done at the expense of the (2) Where the appraised value of the real property of a company is substantially less than the value disclosed in the information furnished pursuant to section 40(1), the Supervisor may, in order to ascertain the ability of the company to meet its obligations, substitute the appraised value for the value disclosed. 83 (3) Where the appraised value of the real property of a company is not adequate security for a loan secured by mortgage on such property and the interest thereon, the Supervisor may write off from the loan and interest a sum sufficient to reduce them to such amount as may be fairly realizable from the sale of the real property; but the reduced sum shall in no case exceed the appraised value of such property.