All licenses issued hereunder shall expire at twelve o'clock (12:00) midnight on June 30 of the succeeding year. A transfer of any license may be made on application to the city, accompanied by satisfactory evidence of an approval of the transfer of the license issued by the state department of revenue for such business. Provided further, that nothing herein contained shall be construed to entitle any licensee hereunder to any refund of any portion of the license fee in the event of his discontinuance of such business or the suspension or revocation of his license prior to the expiration of such year. (1975 Code § 3-3-7)