2 Va. Admin. Code § 5-350-60

Current through Register Vol. 41, No. 3, September 23, 2024

Section 2VAC5-350-60 - Authorization from consignor for licensee to buy tobacco for his own account except during auction

For the purpose of § 3.2-4737(5) of the Code of Virginia, prior authority from the consignor in writing is required only when the licensee purchases the tobacco for his own account except at auction. Where prior written authority has not been obtained from the consignor, a telephone conversation or other oral authorization by the consignor permitting the licensee to buy his tobacco for his own account shall be permitted, provided that written authorization is given by the consignor signing the ticket or other appropriate statement before a final sale is consummated.

The licensee does not need written authorization to act in behalf of a producer by rejecting a sale and making disposition of the tobacco in accordance with 2VAC5-350-80 as follows:

1. Holding for resale at auction.

2. Reselling to the original buyer at a higher price.

3. Reselling to another buyer at the same or a higher price.

2 Va. Admin. Code § 5-350-60

Derived from VR115-04-05 § 6, eff. May 28, 1986; amended, Virginia Register Volume 25, Issue 11, eff. March 4, 2009.

Statutory Authority

§ 3.2-4704 of the Code of Virginia.