A.   Within ten (10) days after any bicycle registered hereunder shall change ownership, the new owner shall apply for a license as provided herein. The old license may be used by the previous owner for another bicycle without additional charge upon registering such bicycle pursuant to section 4-1-2 of this chapter. If a bicycle is junked or taken out of operation or use, the registration shall be canceled and the identification tag or license plate returned to the village clerk.
   B.   The village officials may cancel the registration of and remove the identification tag from any cycle being operated in the village in an unsafe manner or in violation of any state law or local ordinance. Such cancellation and removal shall be in addition to other penalties herein provided. (1968 Code § 5.01)