CONTROL OF AUCTIONEERS

Hawera Star, Volume XLVII, 25 July 1928, Page 6

CONTROL OF AUCTIONEERS

ESTABLISHMENT OF TRUST ACCOUNT. A GOVERNMENT BILL INTRODUQED. (By Telegraph —Special to The Star.) WELLINGTON, July 25. '[he most -important new provisions in the Government Bill for the licensing, registration and control of auctioneers are that in the case of all sales except property’, it %■ obligatory on the auctioneer to render account sales 'within fourteen days, or within such longer periods as the Minister may direct. In the case of real property, account sales and proceeds must be rendered within -seven days of the completion of the -sale according to the conditions of 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 he made from this account, except to persons lawfully entitled. The money in the trust account shall not he‘available tor payment- of auctioneers’ debts or -be liable to attachment in execution of an order or process of any court. There are a number of offences specified in the Bill, incmaing £lO. for failing to lender -account -sales within the prescribed time, or £I.OO for failing; to pay auction proceeds into a trust account.