In the event of transfer of ownership of a bicycle, an application shall be made by the new owner of the bicycle for the transfer of the license from the former owner to the new owner of the bicycle. Upon receipt of such application, the bicycle license shall be so transferred. Upon the sale or other transfer of a licensed bicycle, the licensee shall remove the license plate and shall either surrender the same to the City Clerk or, upon proper application, but without payment of an additional license fee, have the license assigned to another bicycle owner by the applicant.
('71 Code, § 371.06)