All license fees shall be paid in full to the City License Clerk at or before the issuance of the license and, except as otherwise provided by law, shall be deposited forthwith in the City Treasury to the credit of the General Fund. For all licenses granted between January 1 and July 1, the full annual fee shall be paid if such fee has been fixed on an annual basis. For all licenses granted between July 1 and January 1, one-half the annual fee shall be paid if such fee has been fixed on an annual basis. All licenses shall expire at 12:00 midnight on December 31 of each year. No refunds or rebates shall be made for licenses revoked for cause or upon the licensee's retirement from business and no license shall be transferred to a new owner or proprietor; however, a new license for the remainder of the current one-half year shall be issued to the new owner or proprietor upon the surrender of the old license to the office of the City License Clerk and the payment of a fifty-cent (50¢) fee therefor.
(1956 Code Sec. 501.04)