中华人民共和国拍卖法 AUCTION LAW OF THE PEOPLES REPUBLIC OF CHINA

r assurance against defects.

　　The limitation of legal proceedings for claiming compensation in the case of failure to state the defects of the subject of auction shall be one year， accounting from the date on which the party concerned knows or has reason to know the this right has been infringed upon.

　　In the case of personal injury or property damage due to the defects of the su

bject of auction， the limitation of legal proceedings for claiming compensation shall apply the relevant provisions of the Law of the People's Republic of China on Product Quality and other laws.

　　Article 62 If an auction company or its personnel， in violation of the provisions of Article 22 of this Law， take part in the bidding or designate others to make a bid for them， the administrative department for industry and commerce shall give it a warning and may impose a fine ranging from one to five times the auction commission and， if the circumstances are serious， revoke its business license.

　　Article 63 If an auction broker， in violation of the provisions of Article 23 of this Law， auctions its own goods or property rights during auction activities conducted by itself， the income from the auction shall be confiscated by the administrative department for industry and commerce.

　　Article 64 If a consignor， in violation of the provisions of Article 30 of this Law， takes part in the bidding or designates others to make a bid for him， the administrative department for industry and commerce shall impose on the consignor a fine not exceeding 30 per cent of the auction transaction price.

　　Article 65 Where bidders or bidders and auction brokers， in violation of the provisions of Article 37 of this Law， conclude with each other and cause damages to other people， they shall be liable for compensation and the auction shall be deemed void. The administrative department for industry and commerce shall impose on the bidders in conclusion a fine ranging from 10 to 30 per cent of the highest bid and a fine ranging from 10 to 50 per cent of the highest bid on the auction broker in conclusion.

　　Article 66 Auction brokers who charge commissions in violation of the provisions of Section 4， Chapter IV of this Law concerning the brokerage proportion shall return the overcharged amount to the consignor or auction vendee. The price control authority may impose on the auction broker a fine ranging from one to five times the auction commission.

　　Chapter VI Supplementary Provisions

　　Article 67 Foreigners， foreign enterprises and organizations' consignment for auction and taking part in bidding shall apply this Law.

　　Article 68 Auction companies which are established before the implementation of this Law and fail to satisfy the requirements demanded by this Law shall come up to the requirements within a specified time limit； for those failing to come up to the requirements demanded by this Law within the specified time limit， the administrative department for industry and commerce shall cancel their registration and revoke their business licenses. The concrete implementation measures shall be formulated separately by the State Council.

　　Article 69 This Law shall enter into force on January 1， 1997

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