LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24K

LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24K

24K—Registered bidders only at auctions of residential land

        (1)         An auctioneer at a sale by auction of residential land—

            (a)         must not take a bid from a person unless—

                  (i)         the person has been registered in the bidders register for the auction and the auctioneer is in possession of that register when the bid is taken; and

                  (ii)         the person is identified at the auction by the person displaying a unique identifier (comprising a number, letter, colour or some other identifying feature) allocated to the person for the purposes of the auction and recorded in the bidders register as the unique identifier allocated to the person; and

            (b)         must, when taking the bid, audibly announce the bid as having been taken from a bidder with that person's unique identifier.

Maximum penalty: $10 000.

        (2)         An auctioneer who refuses to take a bid from a person because of subsection (1) does not incur a liability to any person as a result of that refusal.

        (3)         The taking of a bid in contravention of this section does not affect the validity of the bid or a contract for the sale of the land.