115Application of Division

115  Application of Division

 (1) This Division applies to an auction if:

 (a) after the final clock round of the primary stage of the auction, there is a residual lot for at least one product; and

 (b) there is at least one bidder who could make a valid bid for that residual lot (see section 126).

Note 1: Subsection 60(2) requires the secondary stage of an auction to be conducted in accordance with this Division.

Note 2: Eligibility points are not required to bid in the secondary stage.

 (2) If, after the final clock round of the primary stage of the auction:

 (a) the total of the posted demands of all bidders for lots of a product falls short of the supply of the product for that final clock round; and

 (b) the shortfall is one lot;

the shortfall is a residual lot of the product.

 (3) If this Division applies to an auction, each residual lot that satisfies subsection (1) is available in the secondary stage of the auction.

Subdivision B—Arrangements for secondary stage