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Any license, as required in Section 733.01, granted as provided in this chapter, shall be effective for a period of not more than forty-five days from the date of the first day of the sale, but may be renewed for a period of not more than forty-five days; provided, that proof satisfactory to the Director of Finance is first submitted to him showing that the stock itemized in the original application has not been disposed of. No license, as required in Section 733.01, shall be granted to any person who has previously held a license during the period of one year next succeeding the expiration of the previous license or a renewal license.
(1984 Code Sec. 116.23)