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The New Zealand Constitution Act [1852]: together with correspondence between the Secretary of State for the colonies and the Governor-in-Chief of New Zealand in explanation thereof

Section V.—Sales by Auction

Section V.—Sales by Auction.

20.Lands sold by Auction to be first surveyed and marked on plans.
21.Public notice of sale to be given not more than three months nor less than one month.
22.Lands put up to Auction, and not sold, may be purchased at the upset price within three years, unless again put up to Auction.
23.Ten per cent, of the purchase money to be deposited at the sale, and the remainder paid within one month, or deposit forfeited.
24.Lands on which such deposit shall have been so forfeited may be purchased within three years at the price bid for them, deducting any deposit paid, unless again put up to Auction.