Dummy bidding prohibited at auctions of land or businesses
24N Dummy bidding prohibited at auctions of land or businesses
This section applies subject to section 24O.
A vendor of land or a business must not make a bid at an auction of the land or business.
A person must not make a bid at an auction of land or a business knowing that the bid is being made on behalf of a vendor of the land or business.
For the purposes of subsection (3), a bid may be found to have been made on behalf of a vendor even though it is not made at the request of, or with the knowledge of, the vendor.
A person must not procure another person to make a bid at an auction of land or a business that is contrary to this section.
An auctioneer must not take a bid at an auction of land or a business if he or she knows that the bid was made by, or on behalf of, a vendor of the land or business.
An auctioneer must not purport to take a bid at an auction of land or a business when in fact no bid is being made.
A person who contravenes this section is guilty of an offence. Maximum penalty: Maximum penalty: $20 000.
In this section—
vendor of land or a business has the meaning assigned by section 3 and includes—
a mortgagee or other holder of a security interest in respect of the land or business; and
a person of a class prescribed by regulation.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.