Rule 55-3-.01 - Corporations(1) Any corporation desiring to obtain a license as an auction company shall furnish the following to the Commission: (a) A completed, signed and notarized application form as prescribed by the Commission;(b) Corporations must contribute to the Education, Research and Recovery Fund as provided in Rule 55-6-.01(f) and (g).(c) If such corporation is a foreign corporation, satisfactory evidence approved by the Commission that such corporation is authorized to do business in this state and is registered in accordance with Chapter 3 of Title 14;(d) Satisfactory evidence approved by the Commission that the corporation employs or shall employ an auctioneer or auctioneers licensed under the provisions of this chapter to conduct any auctions in this state;(e) Within 30 days after the receipt of a license, said company or corporation shall cause to be forwarded to the Commission the following: 1. The name of the bank and the account number of any escrow or trustee account wherein the funds of others held by the corporation or company are maintained;2. An authorization permitting the examination of any escrow or trustee account by a duly authorized representative of the Commission when so directed by the Commission.(2) A corporation or company owned by or employing one or more full-time auctioneers, licensed by the Commission, may be exempt from registration as provided in paragraph (1) of this rule by furnishing the following to the Commission: (a) A completed and notarized application for exemption from company registration on a form approved by the Commission; and(b) An affidavit from an auctioneer, licensed in Georgia, stating that he is the auctioneer directly supervising this corporation, and that all the proceeds of auctions of the corporations will be maintained in his escrow account.(3) Any corporation or company that is exempt from registration under paragraph (2) must notify the Commission within 15 days after the supervising auctioneer leaves the employment of the corporation or company or terminates the association with the corporation or company for any reason. Until such time as the corporation or company requalifies for an exemption, the corporation or company must cease the business of auctioning. In addition, any supervising auctioneer who terminates his employment or association with a corporation or company for whom an exemption has been filed under paragraph (2) shall notify the Commission within 15 days of such termination.Ga. Comp. R. & Regs. R. 55-3-.01
Ga. L. 1975, pp. 53, 57, 58; O.C.G.A. Secs. 43-6-7; 43-6-11.1; 43-6-22.1.
Original Rule entitled "Corporations" was F. August 23, 1976; effective September 12, 1976.Amended: F. Sept. 20, 1990; eff. Oct. 10, 1990.Amended: F. Oct. 24, 1991; eff. Nov. 13, 1991.