The license of any junk dealer convicted of receiving stolen property shall be revoked by the president and board of trustees immediately after such conviction. If any officer, stockholder or employee of a corporation licensed to deal in junk is convicted of receiving stolen property, the license of such corporation will be revoked immediately unless such corporation shows satisfactory evidence to the president and board of trustees that such person has disposed of his or her entire interest in such corporation and has completely severed his or her connection with such corporation. No person or corporation whose license is revoked under this section will again receive a license to deal in junk for one (1) year after conviction of receiving stolen property, and then only upon the approval of the president and board of trustees.
(Code 1972, § 3-11-7)