South Australian Consolidated Acts South Australian Consolidated Acts24L—Collusive practices at auctions of land or businesses
(1) A person must not,
by a collusive practice relating to the sale by auction of land or a business,
induce or attempt to induce any other person—
(a) to
abstain from bidding, or limit his or her bidding, at the auction; or
(b) to
do any other act or thing that might in any way prevent or tend to prevent
free and open competition at the auction.
Maximum penalty: $20 000.
(2) A person must not,
as a result of a collusive practice relating to a sale by auction of land or a
business—
(a)
abstain from bidding, or limit his or her bidding, or agree to abstain from
bidding, or to limit his or her bidding, at the auction; or
(b) do
any other act or thing that might in any way prevent or tend to prevent free
and open competition at the auction.
Maximum penalty: $20 000.
(3) An auctioneer must
not sell land or a business by auction unless notice is given prior to the
auction, in such manner and in such terms as may be prescribed by the
regulations, of the material parts of this section.
Maximum penalty: $5 000.
(4) In this
section—
"collusive practice" includes an agreement, arrangement or understanding under
which 1 person will, on being the successful bidder at an auction of land or a
business (and whether or not subject to other conditions), allow another
person to take over as purchaser of the land or business through the
auctioneer at the auction price.