Each license shall be issued to the applicant only and shall not be transferable to another holder. Each license shall be issued only for the premises described in the application. No license shall be transferred to another premise without the approval of the City Council. If the licensee is a partnership or corporation, a change in the identity of any of the principals of the partnership or corporation shall be deemed a transfer of the license. All adult uses existing at the time of the enactment of this Code shall be required to obtain an annual license.