143
CurrentConduct of auction
Chapter 4Rates and charges
Part 12Overdue rates and charges
Division 3Selling or acquiring land for overdue rates or charges
Subdivision 2Selling land for overdue rates or charges
143 Conduct of auction
(1)
The local government must set a reserve price for the land at the auction that is at least—
(a)
the market value of the land; or
(b)
the higher of the following—
(i)
the amount of overdue rates or charges on the land;
(ii)
the value of the land.
(2)
If the reserve price for the land is not reached at the auction, the local government may enter into negotiations with any bidder who attended the auction to sell the land by agreement.
(3)
However, the price for the land under the agreement must not be less than the reserve price for the land.
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