N.M. Admin. Code § 19.2.2.17

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.2.2.17 - ORAL BIDS

If the commissioner decides to conduct the public auction by oral bid, this section shall govern the bidding process.

A. Bidders shall register with NMSLO and obtain an identification number pursuant to the instructions in the notice of sale.

B. Bidders shall make their bids orally at the time and place specified in the notice of sale.

C. The bidder offering the highest bonus shall be deemed the highest bidder. Provided, however, that before close of business on the day of the auction, the highest bidder must submit a completed mineral lease application to the commissioner and pay the non-refundable application fee as set forth in the schedule of fees.

D. Subject to 19.2.2.13 NMAC and 19.2.2.22 NMAC, the commissioner shall enter into a mineral lease with the highest bidder pursuant to 19.2.2.23 NMAC.

N.M. Admin. Code § 19.2.2.17

19.2.2.17 NMAC - N, 3/14/2001, Amended by New Mexico Register, Volume XXVII, Issue 12, June 30, 2016, eff. 6/30/2016