(1) No person, firm or corporation covered by the provisions of Section 75-27-201 shall engage in the sale or purchase of livestock, by weight, without first having secured a permit, issued by the commissioner of agriculture and commerce, for a fee not to exceed one hundred fifty dollars ($150.00), provided, however, in operating a packing house, only one (1) permit shall be required for any firm, corporation or other such place of business, though a number of persons may be employed in the packing house, whose duties may include or be limited to the weighing of cattle, except that each separate location where any livestock is purchased or processed shall be considered to be a separate business. Permits shall be issued or renewed annually, beginning July 1, 1958, and may be revoked by the issuing office for good cause shown. Initial permits issued after the month of July for any person covered by the provisions of Section 75-27-201, the charge shall be at the rate of one-twelfth (1/1) of the stipulated fee for each remaining month in the fiscal year. Permits issued under the provisions of this article shall not be transferable and shall apply to only the particular yard, sales barn, meat packer, commission merchant or other particular persons covered by this article; and an additional permit must be obtained for each additional such business. Each person covered by the provisions of Section 75-27-201 shall execute and maintain a surety bond payable to the State of Mississippi with securities to be approved by the Secretary of State for the faithful performance of their functions under this article and said bond may be put in suit by any damaged party. Provided, however, any such person may elect to maintain, in whole or partial substitution for such surety bond, one or more irrevocable letters of credit, surety bonds or trust fund agreements, or combination thereof. The total amount of the letter(s) of credit, surety bond(s) or trust fund agreement(s) or combination thereof, shall not be less than the total required amount of the surety bond. All bonds, letters of credit or trust fund agreements shall in matter of form, content, and calculated coverage meet the requirements of the Code of Federal Regulations Title 9, Part 201, Packers and Stockyards Administration General Bonding Regulations or as such regulations may be amended. In no case shall the amount of bond coverage be less than ten thousand dollars ($10,000.00). In the event of default by persons covered by this article the commissioner of agriculture and commerce may, at his discretion, be named as trustee for the dispersal of moneys calculated to be due and payable to individuals injured by such default as determined by the Packers and Stockyards Administration. In the event a buyer under the terms of this article has more than one (1) employee engaged in the weighing of livestock, a single bond covering all persons weighing livestock shall be deemed sufficient for the purposes of this article. However, the aggregate liability of the surety for all such suits shall, in no event, exceed the sum of said bond. Any person who has met the requirements of federal law by posting a similar bond, letter of credit or trust fund agreement and filing a copy of such instrument with the commissioner of agriculture and commerce shall be exempt from the above bond requirement of making a State of Mississippi bond for the protection of the public. All surety bonds, letters of credit or trust fund agreements shall be filed with the commissioner of agriculture and commerce. Instruments thus filed shall be construed to cover the sale or purchase of livestock at any place of business defined in Section 75-27-201 and it shall be immaterial that the actual purchase or sale was made at some place other than or away from the place of business of seller or purchaser if the purchase or sale was made in the name of such a person as is defined in Section 75-27-201, and the bond shall be construed to cover the issuance of checks in payment for livestock where the maker or payer or endorser, making the same, uses his business name to describe a place of business covered by Section 75-27-201 and the check is not paid for any reason and is due and payable.

(2) Each livestock sales barn, auction sales barn, meat packer, commission merchant, or other similar business, defined in Section 75-27-201, shall make a monthly report at the end of each month to the commissioner of agriculture and commerce showing the number of livestock sold or bought by species.