Every applicant for a license, under the provisions of this chapter, shall execute and file with the Mayor a good and sufficient bond in an amount equal to the aggregate value of the goods, wares and merchandise to be sold, as shown by the inventory with two sureties thereon, who shall be freeholders within the City, or with a surety company authorized to do business in the State, as the surety thereon. Such bond shall be to the approval of the Mayor. It shall be conditioned upon the faithful observance of all the conditions of this chapter and to indemnify any purchaser at any auction sale who suffers any loss by reason of misrepresentations in such sale. Any purchaser claiming to have been damaged by misrepresentation in any auction sale may maintain an action at law against the licensee, making such misrepresentations, and may join as party defendant the sureties on such bond as herein provided.
(1963 Code §707. 05)