The registration herein provided for shall be for the period of one year beginning on January 1 and ending December 31 of each and every year. No deduction shall be allowed from the license fee for licenses for any period of the year during which the licensee shall not have exercised his rights under the license. The license shall be due and payable from January 1 to March 31 of each year. However, for any motor vehicle purchased on or after July 1 of any year, the license fee for the remainder of that particular license period shall be $2.50. If any person shall sell, or otherwise dispose of a motor vehicle for which a license has been issued hereunder, prior to the expiration date of the license, and shall remove the license, stamp, sticker, plate, or tag from the motor vehicle and return it or portions thereof (as proof of the destruction of the license), to the issuing authority, the person may be issued another license for another motor vehicle for the unexpired portion of the license period without payment of any additional fee. The issuance of a license hereunder shall not be construed to exempt the holder from the obligation of compliance with any and all other ordinances of the city or the laws of the state or of the United States.
