20Warnings about bidders’ obligations—the Act, ss 66, 78 and 83

20 Warnings about bidders’ obligations—the Act, ss 66, 78 and 83

20 Warnings about bidders’ obligations—the Act, ss 66, 78 and 83

(1) The notice required to be given by the Act, section 66(4) must 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 one or more 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.

A 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) know about the bid.

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

(2) The notice required to be given by the Act, section 78(3) must 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 one or more 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 one or more of the following—

(a) to abstain from bidding,

(b) to bid to a limited extent only,

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

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

(3) The notice required to be given by the Act, section 83(2) must 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.

(4) Each notice—