The license for a going-out-of-business sale, provided for in Section 729.04 shall not be issued to any person other than a bona fide merchant of the City. No license provided for in Section 729.04 shall be issued to a person who sets up an establishment or to a person who acquires an interest in an establishment solely or principally for the purpose of conducting a going-out-of-business sale. (Ord. 29-75. Passed 8-20-75.)