HERBERT R. O'CONOR, GOVERNOR. 417

shall be governed by the provisions of paragraphs (a) or (b),
respectively, of this section.

(d) The terms "cost to the retailer" and "cost to the whole-
saler" as defined in paragraphs (a) and (b) shall mean bona
fide costs; and sales to consumers, retailers and wholesalers
at prices which cannot be justified by existing market condi-
tions within this state shall not be used as a basis for com-
puting costs with respect to sales by retailers and whole-
salers.

(e) The terms "sell at retail", "sales at retail" and "retail
sale" shall mean and include any transfer for a valuable con-
sideration, made in the ordinary course of trade or in the
usual prosecution of the seller's business of title to tangible
personal property to the purchaser for consumption or use
other than resale or further processing or manufacturing. The
above terms shall include any transfer of such property where
title is retained by the seller as security for the payment of
such purchase price.

(f) The terms "sell at wholesale", "sales at wholesale" and
"wholesale sales" shall mean and include any transfer for a
valuable consideration made in the ordinary course of trade
or the usual prosecution of the seller's business, of title to
tangible personal property to the purchaser for purposes of
resale or further processing or. manufacturing. The above
terms shall include any such transfer of property where title
is retained by the seller as security for the payment of the
purchase price.

(g) The term "retailer" shall mean and include every per-
son, partnership, corporation or association engaged in the
business of making sales at retail within this state; provided
that, in the case of a person, partnership, corporation or as-
sociation engaged in the business of making sales both at re-
tail and at wholesale, such term shall be applied only to the
retail portion of such business.

(h) The term "wholesaler" shall mean and include every
person, partnership, corporation or association engaged in the
business of making sales at wholesale within this State; pro-
vided that, in the case of a person, partnership, corporation
or association engaged in the business of making sales both
at wholesale and at retail, such term shall be applied only to
the wholesale portion of such business.

116. It is hereby declared that advertisement, offer to
sell, or sale of any merchandise, either by retailers or whole-
salers, at less than cost as defined in this Act, or giving, offer-

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