AUCTIONEERS’ BILL

Hokitika Guardian, 27 July 1928, Page 3

AUCTIONEERS’ BILL

.REGISTRATION AND CONTROL TRUST ACCOUNTS. WELLINGTON, July 24. Whnt is termed in its title an Act to make better provision with respect to licensing auctioneers and the conduct of their business was introduced by Governor-General’s message in the House to-dav. Nearly half the measures sets out the method under which auctioneers may be licensed, the present system l>eing changed in many details. Licenses will ho issued annually by Magistrates, hut in sparsely populated districts a special area may be constituted for this purpose, and the license fee will he £lO annually, while in other districts the yearly fee is £4O, payable to the local authority. There is to be a fidelity bond for £SOO. and Magistrates, before granting a. license, must satisfy themselves as to tlio applicant’s character and financial position. Applications for li ceil sets must be advertised, and objections may be offered before the Magistrate. A register of auctioneers will lie kept by the Minister of Internal Affairs. CONDUCT OF AUCTIONS.

Night auctions are to he 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 tlio plans have been exhibited two clear days prior to the snile, and tallow, wool and books sold from a catalogue after opportunity lias been given for daylight inspection, and all goods of any church, hospital board or school committee, or exhibits at horticultural shows, may be sold at niglit. Fresh fish is another exemption.

Tlie Bill expressly provides that at sales of fish, fruit and vegetables the lots must be sold to tlie highest bidder, and the auctioneer is not to refuse a. hid from any person willing to pay cash on the. fall of the hammer. In the case of all sales, except property, it is obligatory on" the auctioneer to render account sales within fourteen days or within, such longer periods as the Minister may direct, and subject to lawful deductions the auctioneer must -pay the receipts to the client. In the case of real property account sale, the proceeds must ho rendered within seven days of the completion of the sale according to the conditions. Auction proceeds are to he 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 to it-. The money in a trust account shall rot' be available for payment of tlie auctioneers’ debt or be liable to attachment in tlie execution of an order or process of any Court. There are a number of offences specified in the Bill, including £lO for failing to render account sales within tlie prescribed time, or £IOO for failing to pay auction proceeds into a trust account. Persons authorised by a Magistrate are- to liavo access to an auctioneers’ books and papers. Power is given to make regulations for an annual audit of auctioneers’ trust accounts nn d prescribing maximum rates of commission. ____