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In the event that the bond filed in accordance with Section 1201 of this Article shall be canceled by the surety thereon, at any time, the obligor in whose favor such bond was filed shall, within 10 days after notice of such cancellation, file a new bond, and if such new bond is not filed within such period of 10 days, the permit shall be terminated as of the date of cancellation of said bond and be revoked thereupon without the requirement of action on the part of the Chief of Police or otherwise.
(Added by Ord. 8828, Series of 1939, App. 10/28/54)