Upon the sale or transfer of any ownership or profit interest whether present or prospective in a tow service, the permit issued hereunder shall be null and void. A new application shall be made deleting the person who no longer holds any ownership or profit interest and naming the person who has been sold or transferred ownership or profit interest in the tow service. A fee of Five Hundred Dollars shall be payable for the application and all the provisions of this chapter shall apply to such new application. (Ord. 4289 § 2 (part); December 1, 1981.)