(3) Whenever a voluntary relinquishment of the Bank occurs, each seated participant shall be offered it, beginning with the participant to the right of the previous banker and moving counter-clockwise around the baccarat-chemin de fer table and the first participant willing to accept the Bank and to wager an amount on the next hand equal to, but no more than twice, the amount of the previous banker's last wager, shall become the next banker but if no participant accepts the Bank the participant offering to wager the highest amount on the next hand shall become the new banker. However, the participant who passed the Bank shall not be permitted to take part in the first round of such bidding.