It shall be the duty of every person who sells or transfers ownership of any bicycle to report such sale or transfer by returning to the Riverbank Police Services Division the registration card issued to such person as licensee thereof, together with the name and address of the person to whom said bicycle was sold or transferred, and such report shall be made within ten days of the date of the sale or transfer. It shall be the duty of the purchaser or transferee of such bicycle to apply for a transfer of registration therefor within ten days of the sale or transfer.
(`67 Code, § 9-3-5) Penalty, see § 72.99