§ 227-14. Surety bond.

A. 

Every applicant shall file with the Borough Clerk a good and sufficient surety bond, to be approved by the Borough Attorney, in the amount of $10,000 for each license sought, executed by a surety company authorized and qualified to do business in the State of New Jersey. The bond shall run to the Borough of Wharton for the benefit of any person or persons injured by any wrongful act, default, fraud or misrepresentation of any violation of this chapter. Said bond shall contain the following language: "The obligation of this bond shall, in addition to the Borough of Wharton, be and remain for the benefit of any person or persons who shall obtain a judgment against obligor, as a result of damage sustained in operation pursuant to any license granted under Chapter 227 of the Code of the Borough of Wharton."

B. 

The surety bond shall be kept for a minimum of one year from the date of issuance of license and must be renewed annually along with the license. The bond shall not be cancelled for any cause unless a notice of intention to cancel is filed at least 30 days before the requested cancellation date with the Borough Clerk, with copy of the notice of intention mailed to the Borough Attorney. The bond shall contain such a provision. The requirement of this chapter for obtaining a surety bond is in addition to any obligation imposed by the State of New Jersey upon a transient buyer of precious metals, pursuant to N.J.A.C. 13:47C-6.1.