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

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

24O—When vendor bid by auctioneer permitted

        (1)         Despite section 24N and any other law, an auctioneer may make not more than 3 bids at an auction of residential land on behalf of the vendor of the land, or 1 or more bids at an auction of land (other than residential land) or a business on behalf of the vendor of the land or business, if—

            (a)         the conditions under which the auction is conducted permit the making of such bids; and

            (b)         before any bidding starts, the auctioneer audibly announces to the members of the public attending the auction that the conditions permit the making of such bids; and

            (c)         immediately before, or in the process of making such a bid, the auctioneer audibly announces that the bid is a "vendor bid"; and

            (d)         the amount of any such bid is less than the reserve price for the land or business.

        (2)         In this section—

"vendor" has the meaning assigned by section 24N.