77Collusive practices prohibited at auctions

77 Collusive practices prohibited at auctions

(1)  In this section –

unlawful promise means a promise, expressed or implied, made by a person that, if that person is the successful bidder in respect of property sold at an auction –

(a) the person to whom the promise was made will have the right to elect to take over as purchaser, through the auctioneer, the property, or any part of it, at the auction price; or

(b) the ownership of the property, or any part of it, will be decided by a specified method.

(2)  A person must not, by means of an unlawful promise made to a person at an auction, induce or attempt to induce the person –

(a) to abstain from bidding, either generally or for any particular lot; or

(b) not to bid, except to a limited extent; or

(c) to do any act or thing which may in any way prevent or tend to prevent free and open competition.

Penalty:  Fine not exceeding 500 penalty units.

(3)  A person at an auction must not, as a result of an unlawful promise made to that person –

(a) abstain or agree to abstain from bidding, either generally or for any particular lot; or

(b) not bid, except to a limited extent; or

(c) do or agree to do any other act or thing which may in any way prevent or tend to prevent free and open competition.

Penalty:  Fine not exceeding 500 penalty units.