No person shall receive a license to sell goods at auction in the city until he has executed to the city a bond in the penal sum of $1,000, with corporate surety approved by the Mayor, conditioned upon the strict observance of all provisions of this code and all ordinances of the city respecting auctions and auctioneers and for the indemnification of any purchaser at public auction who suffers any loss by reason of misrepresentation at that auction. The above-mentioned bond shall be kept in full force and effect during the period for which the license is granted, and shall, in addition, be kept in full force and effect for a period of 30 days after the expiration date of the license.
(‘69 Code, § 15-23)