AUCTIONEERS BILL

Auckland Star, Volume LIX, Issue 174, 25 July 1928, Page 11

AUCTIONEERS BILL

REGISTRATION AND CONTROL. A FIDELITY BOND. TRUST ACCOUNTS FREE FROM ATTACHMENT. (By Telegraph.—Parliamentary Reporter.) WELLINGTON, Tuesday. What is termed in its title "An Act to make better provision with respect to the licensing of auctioneers and the conduct of their business," was introduced by Governor's Message in the House today. Nearly half of the measure sets out the method under which auctioneers may be licensed, the present system being changed in many details. Licenses will be issued annually by magistrates, but in sparsely populated districts a special area may be constituted for this purpose, and the licensr fee will be £10 annually, while in other districts the yearly fee is £40, payable to local authority. There is to be a fidelity bond for £500, and magistrates before granting a license must satisfy themselves as to ail applicant's character and financial position. Applications for licenses must be advertised. and objections may be offered before the magistrate. A register of auctioneers will be kept by the Minister of Internal Affairs. Conduct of Auctions. Night auctions are to be prohibited, but there are exceptions. Live stock auctions commenced not later than 2 p.m. may be continued till 8 p.m. Land is also excepted if plans have been exhibited two clear days prior to the sale, and tallow, wool, books sold from a catalogue after opportunity has been given for davlight inepection, and all goods of any church, hospital board, or school committee, or exhibits at horticultural shows, may be sold at night. Fresh fish is another exemption. The bill expressly provides that at sales of fish, fruit and vegetables the lots must be sold to the highest bidder, and the auctioneer is not to refuse a. bid from any person willing to pay cash on the fall of the hammer. In case of all sales, except property.it is obligatory on the auctioneer to render account sales within 14 days, or within such longer neriod as the Minister may direct, and. subject to lawful rlediifftJons, the auctioneer must pay receipts to the client. Tn case of real property the account of sale and proceeds must be rendered within seven days of completion of the sale, according to the condition". Auction proceeds are to be paid into a trust account, and. except for expenses, commission, and charges incidental to the sale, no other payment can be made from this account except to the persons lawfullv entitled. The money in the trust account shall not be available for the payment of auctioneers' debts, or be liablp to attachment in execution of an order <w process of anv Court. There are a numtier of offences specified in the bill, including £10 for failing to render' account sales within the prescribed time, or £100 for failing to pay auction proceeds into the trust account. Persons authorised bv a magistrate are to have access to auctioneers' books and papers. Power is given to make regulations for an annual audit of auctioneers' trust accounts and prescribing maximum rates of commission.