Pawnbrokers. |Ch. 31. No. 12.

 

15. (1) A pledge pawned for above $4.80 shall, when
disposed of by the pawnbroker, be disposed of by sale by
public auction by an auctioneer licensed under the Auction-
cers Ordinance, and not otherwise; and the regulations in

the Third Schedule hereto shall be observed with reference
to the sale.

(2) A pawnbroker may bid for and purchase, at a sale
by auction made or purporting to be made under this
Ordinance, a pledge pawned with him; and on such purchase

he shall be deemed the absolute owner of the pledge
purchased.

16. If an auctionecr does anything in contravention of the
provisions of this Ordinance relating to auctioneers, or fails
to do anything which he is required by this Ordinance to do,
he shall be guilty of an offence.

17. At any time within three years after the auction at
which a pledge pawned for above $4.80 is sold, the holder
of the pawn-ticket may inspect the entry of the sale in the
pawnbroker’s book, and in the filled up catalogue of the
auction (authenticated by the signature of the auctionecr),
or in either of them.

18. (1) Where a pledge pawned for above $4.80 is sold,
and appears from the pawnbroker’s book to have been sold
for more than the amount of the loan and profit due at the
time of sale, the pawnbroker shall, on demand, pay the
surplus to the holder of the pawn-ticket, in case the demand
is made within three years after the sale, the necessary
costs and charges of the sale being first deducted.

(2) If on any such demand it appears from the pawn-
broker’s book that the sale of a pledge or pledges has
resulted in a surplus, and that, within twelve months before
or after that sale, the sale of another pledge or other pledges
of the same person has resulted in a deficit, the pawnbroker
may sct off the deficit against the surplus, and shail be liable
to pay the balance only after such set-off.

T.—IV. 55

865

Sale by
auction of
pledges
above $4.80.
3rd
Schedule.

Offences by
auctionecrs.

Power to
inspect sale
book.

Pawnbroker
to account
for surplus
within three
years,
subject to
set-off.