Such insurance policy may provide for cancellation by the insurer upon written notice to the City Auditor, but this provision shall not be construed to waive any lawful notice which the insurer must give to the insured. Upon such cancellation the license covered by such policy shall be revoked by the City Auditor. In case a license is revoked, the City Auditor may, upon the filing of a new policy of insurance and its approval by the Law Director, reinstate such license provided this is done within ten days from revocation and a fee of $5 is paid for such reinstatement.
(`63 Code, § 745.10) (Ord. 31-62, passed 6-18-62)