(A) When authorized. A licensee hereunder shall have the right to transfer his license to another person provided he shall do the following.
(1) Obtain written permission from the License Officer for the transfer.
(2) Execute the transfer in the form and under the conditions required by law and as prescribed by the License Officer.
(3) Promptly report the completed act of transfer to the License Officer.
(4) Promptly surrender any license certificate, and, when required by the License Officer, all licensing insignia.
(B) New license issued. Upon the completion of a transfer of license in compliance with division (A) of this section, the License Officer shall issue a new license and insignia to the transferee for the unexpired term of the old license. The new license issued hereunder shall authorize the transferee to engage in the same business at the same location or at any other place as shall be approved by the License Officer and named in the new license.
(‘83 Code, § 110.10) Penalty, see § 10.99