If, after the issuance of a license to carry on a certain line of business, the licensee shall so change or alter the business as to bring it under a classification for which a higher license tax is required, the licensee shall, before making the change, deliver the license to the tax collector, together with a written and signed statement as to the nature of the proposed change, and shall pay to the tax collector the proper additional license tax. The tax collector shall thereupon cancel the old license and shall issue to the licensee a new and appropriate license.
(`94 Code, § 10-14)