If an owner, to whom a permit has been issued, desires to sell or transfer his business, the interested buyer or transferee shall make application for a permit as required by this chapter, accompanied by affidavit of the seller of intention to surrender and cancel the permit held by such seller conditionally upon and concurrently with consummation of such sale and issuance of a replacement permit in the name of the buyer. If a buyer-applicant or transferee-applicant for a permit meets all of the various standards set forth in this chapter for issuance of the permit sought, the City Manager shall issue a permit to the buyer-applicant and concurrently therewith, shall cancel the seller's permit.
('64 Code, § 22-26) (Ord. 627, passed 3-24-83)