Auctioneers to give security

(1) It shall not be lawful for any person to act as auctioneer unless he is duly licensed by the local authority of the district in which he resides or has his principal place of business and has given to such local authority security in the sum of two thousand dollars, (2) Nothing herein contained shall extend to any sale of property under any judicial process or distraint for rent by the proper officer duly authorised to make such sale. (3) The nationality of a national of a CARICOM Member State shall not be a ground for the refusal of the grant of a licence by the local authority.