(1) An auctioneer shall, before the commencement of a sale by auction and during the time of the sale, display in a conspicuous part of the place where the auction is being held a notice containing

(a) the full name and residence or the name of the firm and the office address of the auctioneer written in large letters so as to be publicly visible and legible, and

(b) a clear description giving particulars of the quality and quantity of the items intended to be auctioned.

(2) An auctioneer who fails to comply with the requirement of subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding two hundred penalty units or to a term of imprisonment not exceeding six months or to both the fine and the imprisonment and the Board shall suspend the licence of the auctioneer for a period defined by the Board, or revoke the licence.