Chapter 55-7 COMPANY REGISTRATION
A "full-time auctioneer licensed by the Commission" is:
| (a) |
an individual licensed by the Commission
who owns the company; or |
| (b) |
an
individual licensed by the Commission who is employed by the company and who
works as an auctioneer exclusively for that company. |
| (1) |
The auctioneer directly supervising the
company is a full-time auctioneer licensed by the Commission who shall be
responsible for the advertising and management of the sale, shall account for
all proceeds therefrom and shall sign and issue a closing statement to the
seller. |
| (2) |
Any circular or other
advertisement advertising a sale shall contain the name and number of the
full-time auctioneer directly supervising the company. |
A company applying for exemption from company registration must
provide a notarized statement from the auctioneer owning or directly
supervising the company stating:
| (a) |
That the auctioneer works as an auctioneer exclusively for the company and that
he directly supervises the company or that the auctioneer owns the company;
and |
| (b) |
the auctioneer's Georgia
auctioneers license number. |
A company that applies for and receives exemption from company
registration must provide written notification to the Commission within 15 days
of termination of ownership or the relationship between the company and the
full-time auctioneer directly supervising the company. Furthermore, immediately
upon such termination, the company must either register with the Commission or
cease all business of auctioneering until such time as it retains a full-time
auctioneer to directly supervise the company and is granted another exemption
from the Commission upon compliance with Rule
55-7-.03.
