Account to be rendered
27 Account to be rendered
The holder of a licence under this Act and any firm or corporation carrying on business as an auctioneer shall render or cause to be rendered to the person on whose behalf any lot was sold a correct account in writing of the sale and of all moneys received on account of the sale and of the application of those moneys —
in any event, within 42 days after the completion of the sale; or
if demanded in writing by the person in whose behalf the lot was sold within 14 days of the demand,
whichever is the earlier.
Penalty for this subsection: a fine of $25 000.
No person shall be entitled to demand —
an itemised account of any transaction which took place more than 6 months before the making of the demand; or
any particulars of any transaction which relate to a sale conducted more than 3 years before the making of the demand; or
an account from both the holder of the licence and the firm or corporation named in that licence if either the holder or that firm or corporation has previously complied with the provisions of subsection (1).
[Section 27 amended: No. 25 of 2019 s. 6.]
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