Intellectual Property Rights from Publicly Financed Research and
R 385
Consumer Protection Act, 2008 (Act No. 68 of 2008)RegulationsConsumer Protection Act Regulations26. Bidder’s record |
| 1) | An auctioneer must for every auction have a bidders' record to record the identity of all bidders at an auction. |
| 2) | Subject to regulation 30(2), the auctioneer must ensure that every prospective bidder must prior to the commencement of an auction register his or her identity in the bidder's record, and such registration must with the necessary changes meet the requirements of Chapter 1 of the regulations in terms of the Financial Intelligence Centre Act, 2001, published in Notice No. R. 1595 in Gazette No. 24176 of 20 December 2002, in respect of establishment and verification of identity, and sign that entry. |
| 3) | The auctioneer must ensure that a person who intends to bid on behalf of another, produces a letter of authority expressly authorising him or her to bid on behalf of that person, and both that person and the person bidding on his or her behalf must meet the requirements of subregulation (2). |
| 4) | The auctioneer must ensure that if a person will be bidding on behalf of a company, the letter of authority contemplated in subregulation (3) must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to do so. |
| 5) | The bidders' record is available for public inspection in respect of the names of bidders and the bidders numbers referred to in subregulation (6) only, at any time, free of charge - |
| a) | during an auction, at the premises where the auction is being held; and |
| b) | before or after an auction, at the auction house or auctioneer's place of business and during normal business hours. |
| 6) | An auctioneer must record the bidder number contemplated in regulation 28(1) in the bidders' record. |
