Each license issued pursuant to § 40-32-5 is good for one year or any fraction thereof, and shall terminate on December thirtyfirst of each year.

Source: SDC 1939, § 4.1903; SL 1941, ch 4; SL 1945, ch 14; SL 1953, ch 8; SL 1957, ch 92, § 3; SL 1965, ch 6; SL 1969, ch 8, § 2; SL 1980, ch 280, § 6; SL 1987, ch 299, § 4.