Before any license, as required by Section 749.03 is issued, the applicant shall:
(a) Execute and delivery to the Mayor a good and sufficient bond with good and sufficient surety, to be approved by the Law Director, in the sum of five hundred dollars ($500.00). Such bond shall be conditioned to indemnify or reimburse any purchaser of goods, wares or merchandise in a sum equal to at least the amount of any payment such purchaser may have been induced to make through misrepresentation as to the kind, quality or value of such goods, wares or merchandise, whether such misrepresentation was made by the owner or by his servants, agents or employees, either at the time of making the sale, or through any advertisement of any character whatsoever, printed or circulated, with reference to the stock of goods, wares and merchandise, or any part thereof.
(b) File with the Mayor an instrument in writing, nominating and appointing the Mayor, or the person performing the duties of such office, as his true and lawful agent, with full power and authority to acknowledge the service of notice of process for and on behalf of the applicant in respect to any matters connected with or arising out of the license, and for the performance of the condition of the bond required by this section, or for any breach thereof, which instrument, in writing, so nominating and appointing the Mayor as such agent, shall contain recitals to the effect that the applicant for such license consents and agrees that the service of any notice or process may be made upon his agent, and when so made shall be taken and held as valid as if personally served upon the person apply for the license according to the laws of this or any other State, and that the applicant waives all claim or right of error by reason of such acknowledgment of service or manner of service.
(1967 Code 749.07)