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A license under this Chapter shall be issued on the following terms:

a. Initial license. The license shall authorize the sale described in the application for a period of 30 consecutive days, Sundays and legal holidays excluded following the issuance thereof.

b. Renewal. The Finance Director may, on application as provided in this Chapter, renew a license for an additional period of 30 consecutive days, Sundays and holidays excluded. The Finance Director may renew such license for any number of days not to exceed 30 days at the expiration of the first renewal. In no event may any sale continue for a period in excess of 90 consecutive days, excluding Sundays and holidays, from the date of initial issuance of the license.

The application for renewal shall contain a revised inventory showing the items listed on the original inventory and not listing any goods not included in the inventory filed with the original application.

c. Nature of sale. The license shall authorize only the one type of sale described in the application at the location named therein.

d. Saleable goods. The license shall authorize only the sale of goods described in the inventory attached to the application.

e. Surrender of general license. Upon being issued a license for a going-out-of-business sale, the licensee shall surrender to the Finance Director all other business licenses he may hold at that time applicable to the location and goods covered by the application for a license under this Chapter.

f. Nontransferability. No license shall be assignable or transferable.