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AN ORDINANCE TO AMEND THE CODE OF THE CI'TY~ OF PORTSMOUTH, <br />VIRGINIA, 1973, AS AMENDED, BY AMENDING SECTION 18-50 (2) <br />THEREOF, PERTAINING TO DEALERS IN GEMS AND PRECIOUS METALS. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsraouth, <br />Virginia: <br /> <br /> 1. That Section 18-50 (2) of the Code of the City of <br />Portsmouth, 1973, as amended, be amended and reordained to <br />read as follows: <br /> <br />Section 18-50o Definitions° <br /> <br /> (2) DEALERS msans any person, firmr partnership .or <br />corporation engaged in the business of (i) purchasing second- <br />hand precious metals or gems; (ii) removing in any manner <br />precious metals or gems from manufactured articles not then <br />owned by such person, firm, partnership or corporation; or <br />(iii) buying, acquiring, or selling precious metals or gems <br />removed from such manufactured articles. "Dealers" shall <br />mean all employers and principals on whose behalf a purchase <br />is made, and any employee or agent who makes any ~uch purchase <br />for or on behalf of his employer or principal. <br /> <br /> This definition shall not be construed so as to include <br />any person, firm, partnership or corporation engaged in-the <br />following: <br /> <br /> fa) Purchases of precious metals or gems directly <br />from other dealers, manufacturers or wholesalers for retail <br />or wholesale inventories, provided the selling dealer has <br />complied With the provisions of this division. <br /> <br /> (b) Purchases of precious metals or gems from a duly <br />qualified fiduciary who is disposing of the assets of the <br />estate being administered by such fiduciary in the adminis- <br />tration of an estate. <br /> <br /> (c) Acceptance by a retail merchant of trade-in merchan- <br />dise previously sold by such retail merchant to the person pre- <br />senting that merchandise for trade-in. <br /> <br /> (d) Repairing, restoring or designing jewelry by a retail <br />merchant, if such activities are within his normal course of <br />business. <br /> <br /> (e) Purchases of precious metals or gems by industrial <br />refiners and manufacturers, insofar as such purchases are <br />made directly from retail merchants, wholesalers, dealers or <br />by mail originating outside the Commonwealth of Virginia. <br /> <br /> <br />