20. Sale by auction of pledge exceeding $50
Feedback & supportLast amended by an amending law of 1993.
A pledge pawned for any sum exceeding $50 shall, when disposed of by the pawnbroker, be disposed of by sale by an auctioneer licensed in that behalf and not otherwise.
The sale by auction under subsection (1) shall be conducted in such manner as may be prescribed.
Where any pledge is not sold by auction in the manner prescribed under subsection (2), the Registrar shall make arrangements for the sale of the pledge by another auction or tender or in such other manner as he thinks fit.
Registrar
“Registrar” means the Registrar of Pawnbrokers appointed under section 7;
A pawnbroker may bid for and purchase at a sale by auction made under this Act a pledge pawned with him; and on such purchase he shall be deemed the absolute owner of the pledge purchased.
pawnbroker
“pawnbroker” includes every person who carries on the business of taking goods and chattels in pawn;
The Minister may, by writing under his hand, license fit persons to conduct sales of forfeited pledges for such periods as in the licence are specified, and may revoke any such licence without assigning any reason.[19