131Determination of secondary prices

131  Determination of secondary prices

 (1) The secondary price to be paid by a secondary winner for all residual lots allocated to the secondary winner in the secondary stage is the sum of the residual prices of all the residual lots allocated to the secondary winner.

Note: This section relates to Division 7 of Part 5 of this instrument for the purposes of section 294 of the Act and is disallowable under section 42 of the Legislation Act 2003.

 (2) The residual price for a residual lot of a product in the secondary stage is:

 (a) if there was only one valid bid on the lot—the starting price for the lot; or

 (b) if there was more than one valid bid on the lot—the highest bid made for the lot by any bidder, during any round of the secondary stage, other than the final high bid.