46Last vendor bids must be identified if property passed in

46 Last vendor bids must be identified if property passed in

(1) This section applies if a public auction of land is held at which the land is not sold, and the last bid made before the auction stopped was a bid made by the auctioneer of the land on behalf of a vendor of the land.

(2) In making any statement while marketing the land, a person must not state the amount of the last bid without also stating that the bid was a bid made on behalf of a vendor of the land.

(3) For the purposes of subsection (2), a statement is made while marketing land if—

(a) it is made in an advertisement in respect of the land that is published, or caused to be published, by the person; or

(b) it is made (whether orally or in writing) to a person as a prospective purchaser of the land.

(4) A person who advises another person of the amount of the last bid to enable that amount to be published must not knowingly fail to disclose to the other person that the bid was a bid made on behalf of a vendor of the land.

1. In the case of a body corporate: 200 penalty units.

In any other case: 80 penalty units.

(5) A person who is a publisher of land auction sales results must not publish the fact that the land was passed in for the amount of the last bid without also stating that the bid was a bid made on behalf of a vendor of the land.

1. In the case of a body corporate: 200 penalty units.

In any other case: 80 penalty units.

(6) It is a defence to a charge against subsection (2) or (5) if the person making the statement, or publishing the amount—

(a) was not present at the auction; and

(b) relied on a statement made by a person who purported to know what happened at the auction.

(7) It is sufficient compliance with subsection (2) or (5) if the amount is described as a "vendor bid".

S. 47 inserted by No. 41/2003 s. 3.