Okla. Admin. Code § 385:30-1-8.1

Current through Vol. 42, No. 4, November 1, 2024

Section 385:30-1-8.1 - Procedure for public bidding; preference right to purchase

All lands shall be sold by public bidding.

(1)Bidding procedure with preference right. If lands have been designated with a preference right to purchase, lessee holding such lease may meet any given high bid at the time of sale by using the two tier bidding procedure.

(2)If no initial bid. Should no bids be received at auction the preference right lessee may exercise his preference right by matching the advertised minimum bid for the property.

(3)Current lessee requirement to register. Lessee must be present and register at the auction to exercise the preference right. He may increase his bid instead of matching the bid at any time.

(4)Two-tier bidding system. At time of the auction bids shall be taken to ascertain a high bidder from the participants of the auction. The preference right lessee does not participate at this initial stage. The preference right lessee may then match this bid or decline to match the bid. Should he decline to match the bid the high bidder from the initial process of the auction will be declared the successful bidder. Should the lessee exercise his preference right and match the bid, the initial high bidder will be asked if he wishes to increase his bid. If he does, the preference right lessee is given the opportunity to match this bid. If he does, the bidding will continue in this manner until the initial high bidder does not raise or the preference rights lessee refuses to match the raised bid.

Okla. Admin. Code § 385:30-1-8.1

Added at 16 Ok Reg 1459, eff 5-27-99