Section 78(3), Property and Stock Agents Act 2002 (NSW) and clause 17(1), Property and Stock Agents Regulation 2014 (NSW):
PENALTY FOR COLLUSIVE PRACTICES
It is an offence against the Property and Stock Agents Act 2002 for a person to do any 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 any of the following:
- to abstain from bidding, or
- to bid to a limited extent only, or
- to do any other act or thing that might prevent free and open competition. Severe penalties may be imposed on persons convicted of collusive practices.
Section 83(2), Property and Stock Agents Act 2002 (NSW) and clause 17(2), Property and Stock Agents Regulation 2014 (NSW):
SUCCESSFUL BIDDERS
The actual successfu l bidder at an auction sale must give to the auctioneer or an employee of the auctioneer:
- the bidder’s name, or
- the name of the person on behalf of whom the successful bid was made.
Section 66(4), Property and Stock Agents Act 2002 (NSW) and clause 17(3), Property and Stock Agents Regulation 2014 (NSW):
PENALTY FOR DUMMY BIDDING
It is an offence against the Property and Stock Agents Act 2002 for a person to do any of the following:
- make a bid as the seller,
- make a bid on behalf of the seller (unless the person is the auctioneer),
- procure another perso n to make a bid on behalf of the seller.
Any bid made with the dominant purpose of benefiting the seller const itutes 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:
- request the bid, or
- have any knowledge of the bid.
Severe penalties may be imposed on persons convicted of dummy bidding.