LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24P
LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 24P
24P—Last vendor bid must be identified if property passed in
(1) This section
applies if, at an auction of land or a business, the land or business is not
sold and the last bid made before the auction stopped was a bid made by the
auctioneer on behalf of the vendor of the land or business.
(2) In making any
statement while marketing the land or business, a person must not state the
amount of the last bid without also stating that the bid was a bid made on
behalf of the vendor of the land or business.
Maximum penalty: $10 000.
(3) For the purposes
of subsection (2), a statement is made while marketing land or a business
if—
(a) it
is made in an advertisement in respect of the land or business that is
published, or caused to be published, by the person; or
(b) it
is made (whether orally or in writing) to a person as a purchaser of the land
or business.
(4) A person who
advises another person of the amount of the last bid to enable that amount to
be published must not knowingly fail to disclose to the other person that the
bid was a bid made on behalf of the vendor of the land or business.
Maximum penalty: $10 000.
(5) A person who is a
publisher of results of auctions must not publish the fact that the land or
business was passed in for the amount of the last bid without also stating
that the bid was made on behalf of the vendor of the land or business.
Maximum penalty: $10 000.
(6) It is a defence to
a charge against subsection (2) or (5) if the person making the
statement, or publishing the amount—
(a) was
not present at the auction; and
(b)
relied on a statement made by a person who purported to know what happened at
the auction.
(7) It is sufficient
compliance with subsection (2) or (5) if the
amount is described as a "vendor bid".
(8) In this
section—
"vendor" has the meaning assigned by section 24N.