Document ID: chunk:federal_register_of_legislation:C2024C00828:section:2
Version: federal_register_of_legislation:C2024C00828
Segment Type: section
Provision Reference: s 2
Character Range: 288584–290125

2                                          2 or more applicants (tied applicants) make cash bids that are:        the Joint Authority must:
                                           (a) equal to each other's cash bids; and                               (a) give an offer document to the tied applicant whose cash bid was received earliest telling that tied applicant that the Joint Authority is prepared to grant the permit to the tied applicant for a specified permit price that is equal to the reserve price; or
                                           (b) either the only cash bids, or higher than all the other cash bids  (b) reject the application, and those of all the other tied applicants, by written notice to each tied applicant.

Note 1: Section 259 sets out additional requirements for offer documents (for example, a requirement that an offer document must contain a summary of conditions).
Note 2: If an applicant breaches a requirement under section 258 to provide further information, the Joint Authority may refuse to give the applicant an offer document.
 (4) In considering whether to give an offer document to an applicant under subsection (3), the Joint Authority must have regard to the difference between the applicant's cash bid and the reserve price.

Refund of deposit to rejected applicants
 (5) If the Joint Authority rejects an application under this section, the Titles Administrator, on behalf of the Commonwealth, must refund to the applicant an amount equal to the applicant's deposit under section 111.