The application for a license to operate a chiropractic hospital, sanatorium, or related institution within the meaning of this chapter must be accompanied by a fee of five dollars. No such fee may be refunded. All such licenses issued by the North Dakota state chiropractic board of examiners under this chapter expire on the thirty-first day of December each year, must be on a form prescribed by said department, shall not be transferred or assignable, may be issued only for the premises named in the application, must be posted in a conspicuous place on the licensed premises, and may be renewed from year to year upon application, investigation by the state chiropractic board of examiners, and payment of a license fee, as in the case of procurement of an original license.