Any person who shall violate any provisions of this chapter shall, upon conviction thereof, be subject to the penalties as provided in section 1-4-1 of this code and in addition, or in the alternative thereto, shall, upon the first conviction, be subject to a forfeiture of his bicycle riding privileges for a period of one to seven (7) days; upon a second conviction, shall be subject to forfeiture of his bicycle riding privileges for a period of one to thirty (30) days; and upon the third conviction, shall be subject to a forfeiture of his bicycle riding privileges for an indefinite period. Any person who shall operate a bicycle during the period of forfeiture above mentioned shall be subject to having his bicycle impounded and sold at public auction. (1968 Code § 5.02)