Section 4-6-42. Surety bond -- Generally

   (a) No person shall operate a sales establishment for the sale of livestock at auction unless he has then in force a bond in an amount calculated as follows:

   (1) If the annual sales of the establishment are $2,600,000.00 or less, the amount of the bond shall be one fifty-second of the amount of annual sales but not less than $10,000.00; or

   (2) If the annual sales of the establishment are more than $2,600,000.00, the amount of the bond shall be $50,000.00 plus one fifty-second of the amount of annual sales in excess of $2,600,000.00 times a factor of 0.20.

(b) An amount calculated under subsection (a) of this Code section, if not a multiple of $5,000.00, shall be rounded to nearest higher multiple of $5,000.00.

Ga. L. 1956, p. 501, § 2; Ga. L. 1958, p. 309, § 1; Ga. L. 1959, p. 296, § 1; Ga. L. 1982, p. 1804, § 2; Ga. L. 1983, p. 1161, § 1.