Every license issued under the provisions of Chapter One of this Business and Taxation Code shall confer a personal privilege only to transact the business, activity, trade or employment which may be the subject of a license, and shall not be exercised except by the person holding the license unless and until assigned under the terms of Section 701.11. After any such assignment, the license shall be a personal privilege of the assignee and shall not be exercised by any person other than the assignee, unless and until again assigned under the terms of Section 701.11.
(1947 Code §17.9)