All licenses, when issued, shall be valid only for the person in whose name it is issued, and shall give to the person named therein the right to sell or deal in spirituous liquors at the place and in the manner therein unless sooner revoked. It shall not be assignable, and no refund shall be made for the fractional part of a quarter. All licenses shall be payable in advance in quarterly installments on or before the fifteenth day of January, April, July and October, and shall expire on December 31 next succeeding the date upon which they are issued, and shall be renewed quarterly thereafter. A fractional part of the year shall be computed to include the quarter in which the application is made. (Ord. 5 § 2(g), 12-19-1949)