Auction Sales Act 1973

Where a licensee, or any firm or corporation for the benefit of which a licence is used, in respect of any sale or transaction in the course of business as an auctioneer receives for or on behalf of any person an amount of money he or it shall record the amount, or cause the amount to be recorded, in a record of accounts so as to show particulars of that receipt separately from any record of money received or held on his or that firm’s or corporation’s account or for or on behalf of any other person.

A licensee, and any firm or corporation for the benefit of which a licence is used —

shall cause the record of accounts referred to in subsection (1) to be kept in such a manner as to show full and accurate particulars of each transaction and of all withdrawals or payments made from that account in sufficient detail to enable the accounts to be conveniently and properly audited;

shall correctly balance those accounts at the end of each month; and

shall retain those accounts for a period of 3 years after the date of the transaction recorded.

Every entry in a record of accounts kept for the purposes of this section by or for a licensee shall be deemed, unless the contrary is proved, to have been made by or with the authority of the licensee.