[R.O. 1966 § 8:1-6]
The Director shall, as a condition precedent to the granting of the license to engage in the auction business, require the applicant to enter into a bond to the City, with two responsible freeholders as sureties or in lieu thereof, the bond of a surety company authorized to do business under the laws of this State. The bond, after approval by the Department of Law, shall be filed with the Director, and be in the sum of $2,000 conditioned for the due observance of all ordinances of the City now or hereafter adopted respecting the conduct or operation of the auction business during the continuance of such business.
Such bond shall be for the benefit of any person who recovers judgment against any licensee, under this Article by reason of any damage sustained by such person as a result of having purchased any article or commodity at a public auction sale conducted or operated by the licensee, due to fraud or deceit practiced in effecting such purchase or sale to such person. The bond shall also be for the protection of persons and property and for the preservation of the safety and property of the City and its inhabitants, and as may be now or hereafter required by any statute, ordinance or regulation.