Section 4: Licence and security
consolidated text (as at 2013). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
4. Licence and security
(1) Every auctioneer appointed under section 2 shall—
(a) pay such fees as may be prescribed in respect of his classified
trade under the Local Government Act, and be subject to the
control of the Attorney-General; and
(b) furnish security for the due discharge of his duties in the sum of
100,000 rupees by way of—
(i) mortgage;
(ii) 2 sureties approved by the Attorney-General, by a bond
subscribed and registered by the Master on the order of a
Judge; or
(iii) a security policy from a guarantee company approved by
the Accountant-General.
(2) The security policy under subsection (1) (b) (iii) shall be of the same
amount and subject to the same conditions and incidents as to approval, forfeiture, renewal or otherwise as the security bond or mortgage.
[S. 4 amended by Act 43 of 1993.]