When vendor bid by auctioneer permitted
24O When vendor bid by auctioneer permitted
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—
the conditions under which the auction is conducted permit the making of such bids; and
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
immediately before, or in the process of making such a bid, the auctioneer audibly announces that the bid is a "vendor bid"; and
the amount of any such bid is less than the reserve price for the land or business.
In this section—
vendor has the meaning assigned by section 24N.
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