41Permissible vendor bids

41 Permissible vendor bids

(1) Despite section 38(2), the auctioneer of land at a public auction may make a bid on behalf of a vendor of the land if—

(a) the conditions under which the auction is conducted permit the making of the bid; and

(b) before any bidding started, the auctioneer orally declared at the auction that the conditions permit the making of the bid; and

S. 41(1)(c) amended by No. 103/2004 s. 70(3).

(c) immediately before, or in the process of, making the bid, the auctioneer audibly states that the bid is being made on behalf of the vendor; and

S. 41(1)(d) inserted by No. 103/2004 s. 70(4).

(d) the bid is not made on behalf of a vendor who is a co-owner to enable the vendor to purchase the interest of a co-owner in the land.

(2) It is sufficient compliance with the requirement under subsection (1)(c) to identify a bid as a vendor bid if the auctioneer states "vendor bid" in making the bid.

(3) It is not sufficient compliance with the requirement under subsection (1)(c) to identify a bid as a vendor bid if the auctioneer merely identifies the vendor by name without stating that the vendor is a vendor.

S. 42 inserted by No. 41/2003 s. 3.