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Commission to which auctioneer shall be entitled

(1) The auctioneer shall be entitled to a commission on the net proceeds at the rate of -- (a) on the first one million rupees, one per cent of the proceeds; and (b) on the amount exceeding one million rupees, half per cent of the proceeds so exceeding: Provided that the auctioneer shall not be entitled to any commission on any guarante...

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