Code of Organization and Civil Procedure (Cap. 12), article 319

319. (1) The auction shall be, save the exceptions mentioned in the preceding articles, conduc ted by a public auctioneer in the presence of the Registrar. (1A) The auction shall commence at the time established by the Court and shall continue until the highest public bid is adjudi cated. (1B) The sale of different items to be sold by auction may be held during the same time, each one separately and in consecuti ve order. (2) Bids are made orally. Each b id shall be announced at least three times, unless a higher bid is previously made. The highes t bidder, within the time stated in the advertisement, shall be t he purchaser. (3) An offer shall no longer be valid immediately when a higher offer is accepted, even th ough such higher offer is late r declared to be null. (4) The public auctioneer or broker shall be entitled to a fee which is taxed by the Registrar in accordance with a tariff to be established by the Minister responsible for justice. (5) No offer may be accepted if suc h offer is less than sixty pe r cent (60%) of the value at which the movable or immovable property or the going concern has been appraised: Provided that if no offer is made which is at least equivalent to sixty per cent (60%) of the value at which the movable or immovable property or the going concern has been appraised, the creditor may request that the movable or immovab le property or the going concern be placed a gain for public auctio n: Provided that this sub-article shall not apply to ships and other vessels exceeding te n metres in length only. (6) The public auctioneer shall have the right to demand that a person submitting an o ffer should be in po ssession of the neces sary guarantees. Bids pro persona nominanda etc., not to be accepted. Amended by: XI.1984.5; XXIV .1995.156. Substituted by: XIV .2006.26.