Title 4, Chapter 6, Section 42
( 4-6-42)
(a) No person shall operate a sales establishment for the sale of
livestock at auction unless he has then in force a bond in an amount
calculated as follows: (1) If the annual sales of the establishment are $2,600,000.00 or
less, the amount of the bond shall be one fifty-second of the
amount of annual sales but not less than $10,000.00; or (2) If the annual sales of the establishment are more than
$2,600,000.00, the amount of the bond shall be $50,000.00 plus one
fifty-second of the amount of annual sales in excess of
$2,600,000.00 times a factor of 0.20. (b) An amount calculated under subsection (a) of this Code section,
if not a multiple of $5,000.00, shall be rounded to nearest higher
multiple of $5,000.00. |