When any bicycle which has been registered and licensed, as herein provided, is sold, or is otherwise disposed of or destroyed, the licensee shall immediately surrender to the chief of police the registration card and the license plate issued therefor, with the name and address of the new owner, if any, written on the back of the registration card, and the chief of police shall immediately make proper endorsement thereof on his records, and thereupon deliver the card and plate to the village clerk, who shall immediately make proper endorsements on his records and retain the card and plate. Upon the sale or other transfer of a licensed bicycle, the licensee may, upon proper application, have the said plate assigned to another bicycle owned by the applicant and shall pay to the village clerk a transfer fee in the amount as set out in section 1-12-3 of this code, under the category "license fees". (1970 Code § 27.05; amd. Ord., 10-27-1975; 2009 Code)