First Previous (SIXTH SCHEDULE Statutory Declarations)

31 1964



Regulations governing auctioning of pledges

Section 30 .

1. The auctioneer shall cause all pledges to be exposed to public view.

2. He shall publish catalogues of the pledges, stating—

(1) the pawnbroker's name and place of business;

(2) the month in which each pledge was pawned;

(3) the number of each pledge as entered at the time of pawning in the pledge book.

3. The pledges of each pawnbroker in the catalogue shall be separate from any pledges of any other pawnbroker.

4. The auctioneer shall insert in a public newspaper circulating in the area in which the pawnbroker's premises are situated an advertisement giving notice of the sale and stating—

(1) the pawnbroker's name and place of business;

(2) the month in which the pledges were pawned.

5. The advertisement shall be inserted at least three clear days before the first day of the sale.

6. Where a pawnbroker bids at a sale, the auctioneer shall not take the bidding in any other form or manner than that in which he takes the biddings of other persons at the same sale; and the auctioneer on knocking down any article to a pawnbroker shall forthwith declare audibly the name of the pawnbroker as purchaser.

7. The auctioneer shall, within fourteen days after the sale, deliver to the pawnbroker a copy of the catalogue, or of so much thereof as relates to the pledges of that pawnbroker, filled up with the amounts for which the several pledges of that pawnbroker were sold, and the copy shall be authenticated by the signature of the auctioneer.

8. The pawnbroker shall preserve every such catalogue for at least twelve months after the auction.