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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, <br />1973, BY REPEALING DIVISION 5 OF ARTICLE II OF CHAPTER 18 THEREOF, <br />PERTAINING TO GOLD, SILVER AND SILVERWARE, AND BY ADDING TO CHAPTER <br />18, ARTICLE II, A NEW DIVISION 5, PERTAINING TO DEALERS IN GEMS <br />AND PRECIOUS METALS. <br /> <br /> BE iT ORDAINED bv the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That the Code of the City.of Portsmouth, Virginia, <br />!973, is hereby amended by repealing Division 5 of Article II <br />of Chapter 18 thereof. <br /> <br /> 2. -That the Code of the City of Portsmouth, Virginia, <br />1973, be amended by adding to Article II of Chapter 18 thereof, <br />a new Division 5, such new Division to read as follows:~ <br /> <br />DIVISION 5. Dealers in Gems and <br /> Precious Metals <br /> <br />Section 18-50. Definitions. <br /> <br /> For the purposes of this division, the following <br />definitions shall apply. <br /> <br /> (1) "COIN" means any piece of gold, silver or other <br />metal fashioned into a prescribed shape, weight and degree <br />of fineness, stamped by authority of goverrnnent with certain <br />marks and devices, and having a certain fixed value as money. <br /> <br /> (2) "DEALERS" means any person, firm 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 ~ purchase <br />is made, and any employee or agent who makes any such put-. ~. <br />chase for or on behalf of his employer or principal. <br /> <br /> This definition shall not be construed so as to include <br />persons engaged in the following: <br /> <br /> (a) Purchases of precious metai~, or gems directly from <br />other dealers, manufacturers, or Wholesalers for retail or <br />wholesale inventories, provided the seltin~ dealer has complied <br />with the prov'isions of this division. <br /> <br /> (b) Purchases of precious metals Or gems from a duly <br />qualified fiduciary Who is disposi~g~gf the assets of the <br />estate being administered by such ~fiduciarv in the administration <br />of an estate. .-.. <br /> <br /> (c) Acceptance b~ a ~tail ~erchant of trade-in merchandise <br />previously sold by such retail'merchant to the person pre- <br />senting that merchandise for trade-in. <br /> <br /> <br />