A license issued as set out in Section 725.02 shall authorize the holding of such sale for a period of not to exceed sixty days and shall not be renewable. A license issued hereunder may be revoked or suspended by the Mayor upon proof of any violation of Sections 725.01 to 725.05 or for the conviction of the person holding such sale in violation of any State or federal law or any ordinance of this City in connection with the operation of such place of business, or upon proof of fraud in the operation of the sale or for any misstatement in the affidavit or inventory filed. (1963 Code §725.03)