Any person having obtained a license shall, when demanded by any officer of the city, forthwith exhibit the same to such officer and if the business of the licensee be local he shall immediately upon the receipt of his license cause the same to be and remain posted in some conspicuous place in his business establishment and if any such licensee shall fail or refuse to exhibit his license when demanded as aforesaid, or neglect or refuse to post the same as herein required, he shall be subject to the general penalty regulation of this code. (1950 Code)