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Code of Conduct

Code of Conduct

 
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Code of Conduct

1. A member may be held responsible for a breach of, or failure to comply with this code on the part of all persons who are:
1.1 his employees; or
1.2 under his supervision; or
1.3 his partners; or
1.4 fellow shareholders in or directors or employees of a company or members or employees of a close corporation controlled by the member or the member and his partners which offers auctioneering services to the public or government departments.

2. A member may not, under the guise or through the medium of a partnership, company, close corporation or any other entity, do anything or allow anything to be done which he or she would not be permitted to do as an individual in terms of this code of conduct.

3. Every member is obliged to conduct his or her affairs in the auctioneering profession with integrity. Thus a member should be straightforward and honest in performing all professional services.

4. Every member is obliged to perform his or her professional auctioneering services by the application of knowledge, skill and experience. Such knowledge, skill and experience must be applied with reasonable care and diligence.

5. Every member should act in a manner consistent with developing and maintaining the good reputation of the auctioneering profession and refrain from any conduct which may bring discredit to the auctioneering profession.

6. Members should not practise discrimination against any person based on race, colour, religion, sex, marital status, age or origin in the engagement, promotion, dismissal, salary, transfer, training or other practices relating to employment within his or her auctioneering business.

7. All members are obliged to practise in a manner which is fair, honest and free of conflicts of interest, prejudice and bias.


8. A member entrusted with monies belonging to others (by example sellers or liquidators) in the course of his or her professional work should:
8.1 keep such monies separate from personal or firm money;
8.2 use such monies only for the purpose for which they are intended; and
8.3 at all times be ready to account for those monies to any person entitled to such accounting.
Monies derived from an auction which do not belong to the member or are not due to the member in terms of the member's fees for such auction, should be placed in an appropriately designated bank account for clients' monies.

9. Members are obliged to keep such books of account as will enable them, at any time, to establish clearly their dealings with clients' monies in general, in respect of monies derived from the proceeds of auction sales and the details of the auction sales themselves. Proper statements of account should be provided to the seller and/or liquidator within a reasonable period of time following upon the auction.

10. Every member is required to have a detailed knowledge of and to abide by any legislation, statutory enactments, regulations and any other binding sources of authority to which any such member is subjected, including but not limited to:-
10.1 the Insolvency Act, Act No 24 of 1936 as amended;
10.2 the Second Hand Goods Act, Act No 23 of 1955;
10.3 the Companies Act, Act No 61 of 1973 as amended;
10.4 the Estate Agency Affairs Act, Act No 112 of 1976 as amended;
10.5 the Close Corporations Act, Act No 69 of 1984 as amended;
10.6 the Agricultural Produce Agents Act, Act No 12 of 1992 as amended; and
10.7 the Prevention and Combating of Corrupt Activities Act, Act No 12 of 2004, and particular attention is required to be given to the provisions of Section 14 of the Prevention and Combating of Corrupt Activities Act which is specifically entitled "Offences in Respect of Corrupt Activities Relating to Auctions",
and any legislation, statutory enactments and/or regulations imposed in substitution and/or in addition to the sources of authority referred to above.

11. Every member should conduct him/herself in a manner which will promote co-operation and good relations between members and within the auctioneering profession.


12. In the event of a purchaser or a seller or any user of auctioneering services alleging that a member was unethical or improper in the course of his auctioneering business, such person should be advised by the member that he is entitled to lay a complaint before the Institute. The member is also obliged in these circumstances to promptly place all pertinent facts before the Institute for investigation and report in terms of the Constitution.

13. Every member shall make every reasonable endeavour to ensure that users who place their proprietary interests in his hands are given the proper business advice and effective service to the best of the member's ability and knowledge.


14. It is the duty of every member of the Institute to the best of his knowledge and belief and with the exercise of reasonable care and without negligence, to protect users against:
14.1 fraud;
14.2 misrepresentations;
14.3 unethical practices in connection with the sale, disposal or liquidation of any movable or immovable property.

15. It is the duty of every member of the Institute to ensure that there are proper and adequate systems employed within the auctioneering business of the member such that accurate data of all the facts concerning an auction sale are available at all times. Members are further obliged to carefully collate the factual data of the results of an auction sale.

16. Members are obliged in advertising movable or immovable property for sale at a public auction to take every reasonable care to avoid errors, exaggeration and misrepresentation in such advertising.


17. In the event that a member is supplied with confidential information by any user or liquidator or government department then in that event the member shall be obliged not to disclose this information to any other parties without the consent of the party from whom he received the information.

18. In the event that in any particular instance, the buyer is to pay the member's commission in respect of an auction, this fact shall be clearly displayed and advertised and the seller shall be advised thereof on submission of assets for auction.


19. A member shall at all times ensure that the seller is informed of the rate of the seller's commission, the buyer's commission and all other expenses to be levied in respect of the auction.

20. Full and proper accounting of the proceeds of an auction sale shall be rendered to the client within a reasonable period of time after the auction.

21. Every member is required to develop and advertise and have available for clients, such member's standard conditions for acceptance of goods and conditions under which the member's sales are conducted.


22. Every member has a general duty, apart from the aforegoing, to protect the public's interest. In terms of this duty, a member:
22.1 shall not in any manner in the conduct of his business do or omit to do any act which is or may be contrary to the integrity of auctioneers in general;
22.2 shall protect the interests of his client at all times to the best of his ability with due regard to the interests of all the other parties concerned;
22.3 shall not in his capacity as an auctioneer wilfully or negligently fail to perform any work or duties with such degree of care and skill as might reasonably be expected of an auctioneer.

23. No member shall:
23.1 in his capacity as a member and as an auctioneer publish or cause to be published any advertisement which would create an incorrect impression of the nature and description of the immovable or movable property to be sold at an auction;
23.2 wilfully or negligently in relation to his activities as an auctioneer prepare, make or assist any other person to prepare or make any false statement, whether orally or in writing, or sign any false statement in relation thereto knowing it to be false, or knowingly or recklessly prepare or maintain any false books of account or other records;
23.3 wilfully or negligently mislead or misrepresent in regard to any matter pertaining to property to be sold at an auction in respect of which he has a mandate to sell such property;
23.4 use any harmful or misleading marketing technique or method to influence any user to confer upon him a mandate to conduct an auction in respect of that user's movable or immovable property.


24. Members are obliged to take all reasonable and necessary steps to prevent the manipulation of an auction, inter alia by bidders who are "planted" with a view to manipulating the price of a particular item obtained at an auction and in circumstances where the "planted" bidder is not a genuine prospective purchaser. Similarly, members are obliged to take all reasonable and necessary steps to prevent what is known as "ghost bidding", that is accepting a bid from a purchaser who is not physically present at the auction.

25. Members are obliged to ensure that they do not collude with buyers in any manner whatsoever and, if a member is aware of any collusion between any buyers, the member is obliged to inform the seller of that knowledge.

26. In view of the fact that the Institute has entered into a contract of insurance relating to a fidelity fund, members are obliged to make full and complete disclosure of any fact within their knowledge related to their business or any other auctioneering business which might have an impact on the assessment of risk related to the fidelity fund insurance.

27. Members are obliged to desist from all conduct which would have a negative or prejudicial impact upon the fidelity fund insurance or any premiums which are payable in terms of that insurance

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