The Chief of Police may summarily suspend any license issued under this chapter if, after investigation, the Chief of Police finds reasonable grounds to believe that the licensee’s establishment poses an immediate hazard to the health or safety of the community. Such suspension shall be effective upon the service of a written notice of suspension upon the licensee. Such service may be accomplished by personal service or by certified mail, return receipt requested. The Chief of Police shall forthwith report such suspension to the Council and the Council shall forthwith commence revocation proceedings in accordance with the provisions of Section 124.18 of this chapter. Such suspension shall remain effective until the completion of said revocation proceedings.