Any license issued to any person, firm, association or corporation to engage in, exercise or pursue any business, profession, trade, occupation or privilege may be revoked by the city council after adequate opportunity for a hearing for any one of the following reasons:
A. The licensee is engaging in, exercising or pursuing the business, profession, trade, occupation or privilege in such a manner that he has created or is creating a public nuisance as defined by 50 Oklahoma Statutes sections 1 and 2, or any nuisance enumerated in this code; or
B. Serious or repeated violation of the law or ordinances. Valid licenses may be revoked only when the business, profession, trade, occupation or privilege is one which the city council has power to prohibit because of its nature or because of the manner in which it is engaged in, exercised or pursued. (1989 Code § 9-106)