§ 65-15 Commission Requirements for Conducting the Public Auction.
RCNY § 65-15
(a)Licensed Auctioneer. The public auction will be conducted by a licensed auctioneer.
(b)Notice. The auction sale will be advertised in the City Record for at least twenty days before the auction. At his or her discretion, the Chairperson can also advertise the auction in newspapers and other media.
(c)Maintenance of Medallion Classification. The classification of Medallions issued under this Subchapter will not change regardless of change in ownership of the Medallion after issuance.
(d)Sale of Minifleet Medallions.
(1)A Minifleet Medallion can be issued only to a corporation that owns at least one other Minifleet Medallion. The purchase at auction of two Minifleet Medallions will satisfy that requirement.
(2)If more than one Minifleet Medallion is being auctioned, the Medallions will be auctioned first as a pair and then separately. The final sale of the Medallions will be in the manner (as a pair or separately) that will bring the highest return to the City.
