Such insurance policy may provide for cancellation by the insurer upon written notice to the Fiscal Officer, but this provision shall not be construed to waive any lawful notice which the insurer must give to the insured. Upon cancellation the license covered by the policy shall be revoked by the Fiscal Officer. In case a license is revoked, the Fiscal Officer may, upon the filing of a new policy of insurance and its approval by the Village Solicitor, reinstate the license, provided this is done within ten days from revocation and a fee of five dollars ($5.00) is paid for such reinstatement. (Ord. 838. Passed 7-10-72.)