If such account be not rendered on or before the day herein designated for that purpose; or if the above mentioned rates for the tax or license fee shall remain unpaid after that day, it shall be unlawful for any such corporation, company or association to transact any business of fire insurance in the city until the requirements hereof have been fully complied with, nevertheless this provision shall in no way effect the validity of any risk that may be taken in violation thereof, between such corporation, company or association and the person so insured.
(Prior Code, § 37.083) Penalty, see § 37.999