New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
PROPERTY AND STOCK AGENTS ACT 2002 - SECT 78
Collusive practices at auction sales
(1) A person must not, in relation to the sale by auction of any land or
livestock, by a collusive practice induce or attempt to induce any other
person-- (a) to abstain from bidding generally, or
(b) to abstain from
bidding for any particular lot, or
(c) to bid to a limited extent only, or
(d) to do any other act or thing that might in any way prevent or tend to
prevent free and open competition.
: Maximum penalty-- (a) 500 penalty units
in the case of a corporation, or
(b) 250 penalty units in any other case.
(2) A person must not as a result of a collusive practice, at a sale by
auction of any land or livestock-- (a) abstain or agree to abstain from
bidding generally, or
(b) abstain or agree to abstain from bidding for any
particular lot, or
(c) bid or agree to bid to a limited extent only, or
(d)
do or agree to do any other act or thing that might in any way prevent or tend
to prevent free and open competition.
: Maximum penalty-- (a) 500 penalty
units in the case of a corporation, or
(b) 250 penalty units in any other
case.
(3) An auctioneer must not sell by auction any land or livestock unless
notice is given prior to the auction, in such manner and in such terms as may
be prescribed by the regulations, of the material parts of this section. :
Maximum penalty--20 penalty units.
(4) In this section--
"collusive practice" means a promise, express or implied, made by a person
that if the person is the successful bidder at auction for land or livestock--
(a) the person will give the person to whom the promise is made the right to
elect to take over as purchaser through the auctioneer all or any of the land
or livestock at the auction price, or
(b) the ownership of all or any of the
land or livestock will be determined by tossing or the drawing of lots or any
other method.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback