If such account is not rendered on or before July 15, or if the above mentioned tax or license fee shall remain unpaid after that day, it shall be unlawful for any such corporation, company or association to transact any business of fire insurance in the city until the requirements hereof have been fully complied with. This provision shall in no way affect the validity of any risk that may be taken in violation hereof, between such corporation, company, or association, and the person so insured.
('68 Code, § 35.03) Penalty, see § 10.99