No merchandise shall be sold by any licensed auctioneer which has not been in the possession of the auctioneer for a period of at least 30 days and which has not been stored or kept at the location at which the auction is to be held, as set out in the application, for a similar period of 30 days prior to the filing of the application. If the property to be sold is owned by a person other than the auctioneer, the property must have been owned by the person for a similar period of time prior to the filing of the application for an auctioneer’s license.
(‘69 Code, § 15-34) Penalty, see § 113.99