Section 1 in Rules Regulating the Conditions of Sale of Timber from Established Depots
1. (a) No person shall be allowed to bid for any lot in the auction unless he has signed the sale notice in token of his agreement to abide by the conditions thereof and has deposited as earnest money in respect of each lot before bidding therefor a sum equal to ten per cent of the amount to the extent of which he wants to bid, subject to the condition that such deposit shall, in no case, be less than Rs. 500. The bidders may be permitted add to the earnest money deposit, in case during the auction they wish to increase their bids beyond the extent permitted by the ten per cent deposit already made.
(b)The earnest money deposit shall, in the case of unsuccessful bidders, be refunded to them at the close of auction on their passing a duly stamped receipt therefor and in the case of successful bidders it w ill be credited towards the payment of the 25 per cent of the bid amount of the lot, required to be paid under condition (2) (a).
