Security by traders

(1) No trader shall buy or take delivery of any goods from any commission agent on credit and no trader's licence shall be granted to any person who intends to buy or take delivery of goods from commission agents on credit unless he has deposited with or furnished to, the market committee cash security or a bank guarantee of not less than rupees one thousand. (2) No licenced trader shall buy or take delivery of goods, from licenced commission agents in the yard so as to remain indebted to such agents on account of the purchases of goods to such an extent as the security or guarantee deposited or furnished by him falls short of such percentage as shall be provided in the bye- laws which shall not be less than one percent of the aggregate amount of the indebtedness arising out of such credit purchases.] *. See foot note below section 61 *86. Security by commission agents.- (1) No person shall act as a commission agent and no commission agent's licence shall be granted to any person unless he has deposited with or furnished to the market committee cash security or a bank guarantee of 1[not less than one thousand rupees but not exceeding five thousand rupees as may be specified in the bye laws.] • See footnote below section 61 2[(2) x x x] 1. Substituted by Act 29 of 1987 w.e.f.10.8.1987 1. Substituted by Act 35 of 1986 w.e.f.17.6.1986 2. Omitted by Act 35 of 1986 w.e.f.17.6.1986

1. (2) No licenced trader shall buy or take delivery of goods, from licenced commission agents in the yard so as to remain indebted to such agents on account of the purchases of goods to such an extent as the security or guarantee deposited or furnished by him falls short of such percentage as shall be provided in the bye- laws which shall not be less than one percent of the aggregate amount of the indebtedness arising out of such credit purchases.] *. See foot note below section 61 *86. Security by commission agents.- (1) No person shall act as a commission agent and no commission agent's licence shall be granted to any person unless he has deposited with or furnished to the market committee cash security or a bank guarantee of 1[not less than one thousand rupees but not exceeding five thousand rupees as may be specified in the bye laws.]
   • • See footnote below section 61 2[(2) x x x]

¹ Substituted by Act 29 of 1987 w.e.f.10.8.1987

¹ Substituted by Act 35 of 1986 w.e.f.17.6.1986

² Omitted by Act 35 of 1986 w.e.f.17.6.1986