Auction Law of the People's Republic of China (Revised in 2015)
Auction Law of the People's Republic of China (Revised in 2015)
Auction Law of the People's Republic of China (Revised in 2015)
Order of the President of the People's Republic of China No.24
April 24, 2015
(Adopted at the 20th Meeting of the Standing Committee of the 8th National People's Congress on July 5, 1996; amended for the first time according to the Decision on Amendments to the Auction Law of the People's Republic of China passed at the 11th session of the Standing Committee of the 10th National People's Congress of the People's Republic of China on August 28, 2004; and amended for the second time according to the Decision on Revising Six Laws Including the Electric Power Law of the People's Republic of China passed at the 14th session of the Standing Committee of the 12th National People's Congress of the People's Republic of China on April 24, 2015)
Contents
Chapter I General Provisions
Chapter II Auction Items
Chapter III Parties To Auctions
Section 1 Auctioneers
Section 2 Clients
Section 3 Bidders
Section 4 Vendees
Chapter IV Auction Procedures
Section 1 Authorization of Auctions
Section 2 Auction Announcements and Display of Auction Items
Section 3 Auction Procedures
Section 4 Commissions
Chapter V Legal Liability
Chapter VI Supplementary Provisions
CHAPTER I GENERAL PROVISIONS
Article 1 This Law is enacted for the purpose of standardizing auction methods, maintaining the order of auction and protecting the lawful rights and interests of all auction participants.
Article 2 This Law shall be applicable to auction activities conducted by auction enterprises within the territory of the People's Republic of China.
Article 3 The term auction refers to the means of buying and selling by which specific articles, goods or property rights are transferred through a public bidding process to the bidder that offers the highest price.
Article 4 Auction participants shall abide by the relevant laws and administrative rules and regulations and adhere to the principles of openness, fairness, justice and good faith.
Article 5 The department in charge of administration of the auction trade under the State Council shall exercise supervision over and administer the auction trade throughout the country.
......
Order of the President of the People's Republic of China No.24
April 24, 2015
(Adopted at the 20th Meeting of the Standing Committee of the 8th National People's Congress on July 5, 1996; amended for the first time according to the Decision on Amendments to the Auction Law of the People's Republic of China passed at the 11th session of the Standing Committee of the 10th National People's Congress of the People's Republic of China on August 28, 2004; and amended for the second time according to the Decision on Revising Six Laws Including the Electric Power Law of the People's Republic of China passed at the 14th session of the Standing Committee of the 12th National People's Congress of the People's Republic of China on April 24, 2015)
Contents
Chapter I General Provisions
Chapter II Auction Items
Chapter III Parties To Auctions
Section 1 Auctioneers
Section 2 Clients
Section 3 Bidders
Section 4 Vendees
Chapter IV Auction Procedures
Section 1 Authorization of Auctions
Section 2 Auction Announcements and Display of Auction Items
Section 3 Auction Procedures
Section 4 Commissions
Chapter V Legal Liability
Chapter VI Supplementary Provisions
CHAPTER I GENERAL PROVISIONS
Article 1 This Law is enacted for the purpose of standardizing auction methods, maintaining the order of auction and protecting the lawful rights and interests of all auction participants.
Article 2 This Law shall be applicable to auction activities conducted by auction enterprises within the territory of the People's Republic of China.
Article 3 The term auction refers to the means of buying and selling by which specific articles, goods or property rights are transferred through a public bidding process to the bidder that offers the highest price.
Article 4 Auction participants shall abide by the relevant laws and administrative rules and regulations and adhere to the principles of openness, fairness, justice and good faith.
Article 5 The department in charge of administration of the auction trade under the State Council shall exercise supervision over and administer the auction trade throughout the country.
......