Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Consumer Protection Act, 2008 (Act No. 68 of 2008)RegulationsConsumer Protection Act Regulations21. Rules of auction |
| 1) | An auctioneer must— |
| a) | in writing compile the rules of auction; and |
| b) | except in the case of a livestock or game auction or a closed auction, make the document available to the general public at least 24 hours prior to the commencement of the auction. |
| 2) | The rules of auction must, as a minimum— |
| a) | on the first page of the document in large letters display the words "rules of auction", and immediately beneath that the date, place and time of the auction; |
| b) | contain the full names, physical address and contact details of the auctioneer, and where applicable, of the auction house; |
| c) | contain all mandatory information required by these regulations, and if applicable, the information contemplated in section 45(4) or (5) of the Act; |
| d) | contain a statement to the effect that the rules of auction comply with section 45 of the Act and with these regulations; |
| e) | contain the text of subsection (2) of section 45 of the Act; |
| f) | provide that an auction will commence at the published time and that it will not be delayed to enable any specific person or more persons in general to take part in the auction; |
| g) | provide that a person who attends at the auction to bid on behalf of another person must produce a letter of authority meeting the requirements of regulation 26(3) in order to so bid on behalf of that person; |
| h) | unless the auctioneer is also the owner or rightful holder (who has the right to sell) of the goods to be auctioned, contain a statement to the effect that the auctioneer has a trust account into which all moneys will be paid for the benefit of the seller, minus the agreed commission; |
| i) | contain a statement to the effect that the auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of goods by the owner; |
| j) | provide that a person who intends to bid at the auction must register prior to the commencement as contemplated in regulation 26(2) together with a description of the requirements for registration; |
| k) | provide that the bidders' record contemplated in regulation 26 and the vendor roll contemplated in regulation 28(4) are available for inspection during normal hours without the charge of a fee; and |
| l) | contain a breakdown of the total cost of advertising and conducting an auction and a statement indicating whether additional costs may be added and if so, how such additional costs will be computed. |
| 3) | The rules of auction may not— |
| a) | exclude liability in respect of inaccurate information provided in the advertising of the auction; |
| b) | exclude liability in respect of the rules of auction not meeting the requirements of these regulations; or |
| c) | contain any qualification, reservation or diminution of the requirements of these regulations unless expressly provided for. |
| 4) | In the event that the rules of auction are amended after their initial publication, the auctioneer must expressly indicate that the new version is an amended version. |
| 5) | The rules of auction must be signed by the auctioneer who is going to conduct the auction and he or she must certify that the rules of auction to the best of his or her knowledge meets the requirements of this regulation 21. |
| 6) | If on the day of the auction the auctioneer who signed the rules of auction as contemplated in subregulation (5) is unavailable to conduct the auction, the auctioneer who then conducts the auction will be deemed to have so certified the rules of auction. |
| 7) | An auctioneer is personally accountable and liable for the contents of the rules of auction applicable to a specific auction. |
| 8) | The rules of auction need not be read out at an auction to be valid, but only if – |
| a) | the rules of auction were, where applicable, available to the general public at least 24 hours prior to the commencement of the auction; |
| b) | in the case of a livestock or game auction contemplated in regulation 33 are the same as for previous auctions and are generally available on the auction house or the auctioneer's website or at the auction house or the auctioneer's business premises during normal business hours; |
| c) | in the case of a closed auction, were made available to all persons to whom an invitation to take part in that auction was issued; or |
| d) | at an auction other than an internet auction, the auctioneer invites any person present to object to the rules of auction not being read upon, and nobody does. |
| 9) | The rules of auction may not exclude the right of inspection as contemplated in regulation 28(5). |
