72Last vendor bid to be identified if property passed in

72 Last vendor bid to be identified if property passed in

(1)  This section applies where –

(a) a public auction of land is conducted at which any land is not sold; and

(b) the last bid made before the public auction stopped was a bid made on behalf of an owner of the land by the auctioneer conducting the auction.

(2)  In making any statement while marketing the land, a person must not state the amount of the last bid without also stating that the bid was a bid made on behalf of an owner of the land.

Penalty:  Fine not exceeding 500 penalty units.

(3)  For the purposes of subsection (2) , a statement is made by a person while marketing land if it is made by or on behalf of the person –

(a) in any information published in respect of the land; or

(b) orally or in writing to a prospective purchaser of the land.

(4)  A person who advises another person of the amount of the last bid to enable the amount to be published must also advise that person that the bid was a bid made on behalf of an owner of the land.

Penalty:  Fine not exceeding 500 penalty units.

(5)  A person who is a publisher of public auction sales results must not publish the fact that any land was passed in for the amount of the last bid without also stating that the bid was a bid made on behalf of an owner of the land.

Penalty:  Fine not exceeding 500 penalty units.

(6)  It is a defence to a charge for an offence under subsection (2) or (5) if the person making the statement, or publishing the amount –

(a) was not present at the auction; and

(b) relied on a statement made by a person who purported to know what had happened at the auction.

(7)  It is sufficient compliance with subsection (2) or (5) if the amount is described as a "vendor bid".