Last vendor bid must be identified if property passed in
24P Last vendor bid must be identified if property passed in
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.
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: Maximum penalty: $10 000.
For the purposes of subsection (2), a statement is made while marketing land or a business if—
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
it is made (whether orally or in writing) to a person as a purchaser of the land or business.
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: Maximum penalty: $10 000.
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: Maximum penalty: $10 000.
It is a defence to a charge against subsection (2) or (5) if the person making the statement, or publishing the amount—
was not present at the auction; and
relied on a statement made by a person who purported to know what happened at the auction.
It is sufficient compliance with subsection (2) or (5) if the amount is described as a "vendor bid".
In this section—
vendor has the meaning assigned by section 24N.
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