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` ORDINANCE NO. 8701
AN ORDINANCE REGULATING THE SALE AT AUCTION OF
PROPERTY OF BANKRUPT OR INSOLVENT PERSONS, PRO-
HIBITING UNFAIR AND DECEPTIVE PRACTICE AS SPECI-
FIED HEREIN, IN THE CITY OF LITTLE ROCK, ARKANSAS,
DECLARING AN EMERGENCY, AND FOR OTHER PURPOSES.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION I. It shall be unlawful for any person, firm, or
corporation, or auctioneer to sell, offer or display for sale at
auction, or cause to be sold, offered or displayed for sale at auction,
any goods, wares or merchandise at a bankrupt or insolvency sale un-
less such goods, wares or merchandise were held by the bankrupt or
insolvent person, firm or corporation for sale in the ordinary course
of trade or business prior to the petition for bankruptcy or insol-
vency. _..:
SECTION 2. It shall be unlawful for any person, firm, or
corporation, or auctioneer to sell or offer for sale at auction, or
cause to be sold or offered for sale at auction, any goods, wares or
merchandise of a bankrupt or insolvent person, firm or corporation
unless there is posted in a conspicuous place at the time and location
of sale a full and complete inventory of all goods of the bankrupt or
insolvent estate offered for sale at said auction. Such inventory
shall contaa_n the following language at the beginning thereof:
"Inventory of the Estate of , Bankrupt"
(or insolvent)
"The following is a full and complete inventory of all
goods, wares and merchandise held by the bankrupt (or insolvent) for
sale in the ordinary course of trade or business prior to bankruptcy
(or insolvency) which will be offered for sale at this auction. No
goods, wares or merchandise other than that formerly held for sale
by the bankrupt (or insolvent) and listed hereon will be sold or
offered for sale at this auction."
SECTION 3. Any person, firm, corporation, or auctioneer and
their agents, servants or employees violating the provisions of this
ordinance shall, upon conviction thereof, be fined in any sum not less
than $100.00 nor more than $500.00. Each article sold in violation of
this ordinance shall be deemed a separate offence. Each day articles
-t-
are offered or displayed for sale in violation of this ordinance
shall be deemed a separate offense. Each day articles or goods are
sold, offered or displayed for sale without having posted the in-
ventory required by this ordinance shall be deemed a separate offense.
The legal owner, trustee in bankruptcy, receiver, or other legal
custodian of articles sold in violation of this ordinance shall be
subject to the penalties hereof.
SECTION 4. All ordinances and parts of ordinances in con-
flict herewith are hereby repealed, and unless the provisions of
this ordinance are put into effect immediately, the public peace,
health and safety of the people of Little Rock, Arkansas, will be
adversely affected; therefore, an emergency is hereby- declared to
exist and this ordinance shall be in full force and effect from
and after its passage and approval.
PASSED: July 9, 1951
ATTES :
ity Clerk
Mayor