Victorian Consolidated Legislation

Land Act 1958 - SECT 91

Procedure where reserve price not reached at auction or by tender

91. Procedure where reserve price not reached at auction or by tender

Where a public auction of any Crown land is held, or tenders for Crown land
are received, and no bid at the auction, or no tender (as the case may be)
reaches the reserve price for that land, the Minister may-

   (a)  sell the land to the person making the highest bid or submitting the
        highest tender at a price not less than the reserve price and on terms
        and conditions no more favourable to the purchaser than those
        published pursuant to section 90 with respect to that land;

   (b)  sell the land to any other person at a price which is not less than
        the reserve price, and upon terms and conditions no more favourable to
        the purchaser than those published pursuant to section 90 with respect
        to that land; or

   (c)  sell the land by public auction or by public tender at such new
        reserve price and such new terms and conditions as he thinks fit.