It is unlawful for any person to conduct a jewelry auction in the city, except a close-out jewelry auction sale of a stock on hand of any person who shall, for the period of one year next preceding the sale, have been continuously in business in the city, as a retail or wholesale merchant of such jewelry merchandise, and is bona fide disposing of such stock for the purpose of retiring from the jewelry business in the city, and who has secured a close-out jewelry auction sale permit as required by this chapter. (Ord. 353 NCS §6.0; prior code §5.15.)