(1) An auctioneer shall, within seven days after an auction sale conducted by that auctioneer, furnish a complete account of the sale verified by that auctioneer by statutory declaration to the District Chief Executive of the district, specifying the price at which each lot was sold.

(2) An auctioneer who fails to furnish that complete account commits an offence and is liable on summary conviction to a fine not exceeding one hundred and fifty penalty units or to imprisonment not exceeding three months or to both the fine and the imprisonment.