Before a permit shall be issued under the provisions of this chapter, every applicant not a resident of Nash, Edgecombe or Wilson Counties for at least six months immediately preceding the filing of the application, shall file with the Town Clerk a surety bond, running to the town in the amount of $500 with surety acceptable to and approved by the Town Clerk, conditioned that the applicant shall fully comply with all the applicable provisions of this chapter, state law and town ordinances, rules and regulations and guaranteeing to any resident of the town that all money paid in any transactions entered into will be accounted for and applied according to the representations of the holder of the permit and further guaranteeing to any resident of the town doing business with the holder of the permit that the property purchased will be delivered according to representations made. Action on the bond may be brought in the name of the town to the use or benefit of the aggrieved person. A surety bond issued by any surety company licensed to do business by the State Department of Insurance shall constitute a valid bond under this section.
(1988 Code, § 113.03) (Ord. passed 3-2-1982)