Except as otherwise provided in this Business Regulation and Taxation Code for certain licenses, the license year shall begin January 1 of each year and shall terminate at 12:00 midnight on December 31 of that year. Original licenses shall be issued for the balance of the license year at the full license fee. License applications for license renewals shall be accepted and licenses issued for a period of fifteen days prior to the annual expiration date. In all cases where the provisions of this Code permit the issuance of licenses for periods of less than one year, the effective date of such licenses shall commence with the date of issuance thereof.
(1974 Code Sec. 7.5)