Successful bidder to pay deposit on day of auction

In force

No person liable for the payment of a deposit under the terms of sale by auction of any Crown land shall, if a demand for the payment thereof is made by or on behalf of the Minister, fail to pay forthwith the amount thereof. Double the amount of deposit in respect of which default has been made.

Any failure by any person to pay any deposit in accordance with subsection (1) shall terminate the agreement in respect of which the deposit is payable.

This Act’s bill:Explanatory notes Second reading speech

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19 Successful bidder to pay deposit on day of auction