No license granted under this Title Two of Part Eight- the Business Regulation and Taxation Code shall be assigned or transferred, except as provided in this section, or authorize any person other than the person named therein to do business or act under it. A person to whom such license has been issued may, with the permission of the President of the Board of Trustees, assign and transfer such license to another person, provided that the person to whom such license is issued or the assignee or transferee of such license surrenders such assigned license and has a new license issued for the unexpired term of the old license authorizing the assignee or transferee of such license to carry on the same business or occupation at the place named in such new license. The fee for the issuance of such new license is twenty percent of the annual license fee for the business or occupation.
(Ord. 155. Passed 1-11-55; 1976 Code § 6-12.)