§ 106-407. Bonds required of operators; exemption of certain market operations. - North Carolina Statutes

§ 106‑407.  Bondsrequired of operators; exemption of certain market operations.

The Commissioner of Agriculture shall require the owner of  each publiclivestock market issued a permit under the provisions of G.S. 106‑406 tofurnish a bond acceptable to the Commissioner of not less than five thousanddollars ($5,000) nor more than fifty thousand dollars ($50,000), in thediscretion of the Commissioner, to secure the performance of all obligationsincident to the operation of the public livestock market operation includingprompt payment to the vendors of all livestock sold at said market; provided,that, at the discretion of the Commissioner of Agriculture, a bond shall not berequired of a livestock market bonded under the Federal Packers and Stockyards Act.

The term "public livestock market" as used in this Articleshall not be interpreted to mean any of the following:

(1)        A market where horses and mules exclusively are sold;

(2)        A market that sells only finished livestock to be used forimmediate slaughter;

(3)        A dispersal sale of livestock by a farmer, dairyman,livestock breeder, or feeder when all animals offered for sale have been ownedby him at least 30 days; provided that, no more than one dispersal sale shallbe held by any person, firm or corporation within any period of six months.

(4)        Purebred livestock association sales and those sales whereFuture Farmers of America, 4‑H Clubs and similar groups, Stateinstitutions, or private fairs conduct sales of livestock. (1941, c. 263, s. 2; 1967, c. 894, s. 2.)