45Aquaculture leases offered by auction

45 Aquaculture leases offered by auction

45 Aquaculture leases offered by auction

(1) This section applies if an aquaculture lease is offered by auction.

(2) A person who is approved as a registered bidder for the auction under section 44(4)(a) may participate in the auction in accordance with this division.

(3) The bid of the registered bidder who offers the highest premium above the reserve premium for the lease (the highest bidder) must be accepted, subject to the highest bidder, immediately after the acceptance of the bid, paying the auctioneer the premium offered under the bid.

(4) If the highest bidder does not pay the premium under subsection (3)—

(a) the highest bidder’s bid is taken to be rejected, and

(b) subsection (3) applies in relation to the bid of the person who offered the next highest premium above the reserve premium (the next highest bidder) as if the next highest bidder were the highest bidder.

(5) The process under subsections (3) and (4) continues until the earlier of the following—

(a) a registered bidder whose bid is conditionally accepted (the accepted bidder) pays the premium offered under the bid,

(b) there are no remaining further bids offering a premium above the reserve premium, or

(c) the lease is withdrawn from auction.

(6) The Minister may, at any time, withdraw the lease from auction.

(7) The accepted bidder must, immediately after paying the premium, lodge an application for the lease with the Minister in accordance with this part.

(8) The date on which the term of a lease offered by auction starts—

(a) is the date decided by the Minister and stated in the lease, and

(b) must not be earlier than the date on which the Minister approves the bidder for the purposes of lodging an application for the lease under this section.