S.L. 342.1 Art. 10Records.

(1) Where an auctioneer conducts other business, auctioneering shall be kept and run as a separate business, and separate records, books, accounts and other documents as required by these regulations or by any other Act shall be kept.

(2) An auctioneer shall keep records showing in respect of each sale by auction and in respect of the lots sold therein -

(a) the date or dates of the auction;

(b) the address where the auction was held;

(c) the lot number of each lot sold;

(d) the name and address of the sellers of the lots sold by auction;

(e) the name and address of the buyer of each lot, or, in the case of a lot which has been bought in, a statement to that effect;

(f) the price at knock down where a lot has been sold.

(3) An auctioneer shall keep books of account in conformity with the principles of regular book-keeping, as well as documents and receipts given out to sellers and secured from buyers.

(4) The accounts, documents and receipts shall be kept at the main office of an auctioneer for not less than three years from the end of the calendar year in which the accounts were made and the documents and receipts were collected.

(5) The obligation to keep books of account and to preserve documents according to any other law or regulation shall remain unaffected.