When the business of a distributor or exhibitor is sold or otherwise transferred, the license of the distributor or exhibitor may be transferred to the transferee, with the consent of the Mayor, for the remainder of the license period, if the latter shall be satisfied that the successor would be eligible to receive a new license. The transfer of an exhibitor’s license issued to him or her shall be noted on the books of the village, and upon the license stamps issued for the pinball machines.