New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 17

17 Warnings about bidders' obligations

(1) The notice required to be given by section 78 (3) of the Act is to be in the following form--

Penalty for collusive practices It is an offence against the Property and Stock Agents Act 2002 for a person to do any of the following as a result of a collusive practice, or to induce or attempt to induce another person by a collusive practice to do any of the following--

(a) to abstain from bidding,

(b) to bid to a limited extent only,

(c) to do any other act or thing that might prevent free and open competition.

Severe penalties may be imposed on persons convicted of collusive practices.

(2) The notice required to be given by section 83 (2) of the Act is to be in the following form--

Successful bidders The actual successful bidder at an auction sale must give to the auctioneer or an employee of the auctioneer--

(a) the bidder's name, or

(b) the name of the person on behalf of whom the successful bid was made.

(3) The notice required to be given by section 66 (4) of the Act is to be in the following form--

Penalty for dummy bidding It is an offence against the Property and Stock Agents Act 2002 for a person to do any of the following--

(a) make a bid as the seller,

(b) make a bid on behalf of the seller (unless the person is the auctioneer),

(c) procure another person to make a bid on behalf of the seller.

Any bid made with the dominant purpose of benefiting the seller constitutes a bid made on behalf of the seller.
A bid may be found to be a bid made on behalf of the seller even though the seller did not--

(a) request the bid, or

(b) have any knowledge of the bid.

Severe penalties may be imposed on persons convicted of dummy bidding.

(4) Each notice must--

(a) have its contents clearly and legibly written or printed in the English language, and

(b) be exhibited in a conspicuous position so as to be clearly visible to, and available for inspection by, any person attending the auction before and during the auction.

Note : A notice under this clause may be combined with the notice of auction conditions.