(a) As used in this chapter:
(1) “Public auction” means a sale or offering for sale to the highest bidder of any gold, silver, plated ware, precious stones, watches, clocks or jewelry or like merchandise, in any building, or any of the streets or alleys or any other public place, where any and all persons who choose are permitted to attend and offer bids.
(2) “Stock on hand” means such gold, silver, plated ware, precious stones, watches, clocks or jewelry which a merchant usually and ordinarily carries through the year, and does not include gold, silver, plated ware, precious stones, watches, clocks, jewelry or like merchandise purchased or otherwise acquired especially and purposely for sales at public auction.
(3) The words used in this chapter shall be subject to the interpretation provided by Section 101.03 of the Codified Ordinances.
(b) It is hereby declared the legislative intent that jewelry auction sales as herein defined shall be held only to liquidate estates and businesses and to avoid bankruptcy or the like, and shall not be permitted as established merchandising practice.
(Ord. No. 1301-A-44. Passed 5-7-45)