Any license or permit may be revoked by the City Manager or other duly authorized issuing authority at any time for conditions or considerations which, had they existed at the time of issuance, would have been valid grounds for its denial; for any misrepresentation of a material fact in the application discovered after issuance of the license or permit; for violation of any provision of this chapter or other law or ordinance relating to the operation of the business or enterprise for which the license or permit has been issued; or upon conviction of a licensee or permittee for a violation of any Federal, State or Municipal law or ordinance involving moral turpitude. Such revocation shall become effective upon notice served upon such licensee or permittee or posted upon the premises affected. As a preliminary to revocation, the City Manager or other duly authorized issuing authority may issue an order suspending such license or permit, which shall become effective immediately upon service of written notice to such licensee or permittee. Such notice shall specify the reason for suspension and may provide conditions under which reinstatement of the license or permit may be obtained. Upon compliance with such conditions within the time specified, such license or permit may be restored.