§ 112-5. License term; assignment; transfer.

The annual license fee herein imposed shall embrace the period commencing on July 1, and expiring on June 30 following. Such annual license fee will not be prorated. Revocation or suspension of any retailers, dispensers or club license shall not entitle the licensee to the refund of any portion of the City license fee paid. In case of the assignment and transfer of any license, as provided by law, no refund shall be made by the City to the original licensee for the unexpired portion of such license, but such assignment and transfer shall vest in the assignee and transferee the right to operate under the license tax so paid by the original licensee for the period covered by the paid license tax and to pay the balance of such license tax upon the same terms and conditions as if such assignee or transferee were the original licensee.