§ 27-8-102 — Termination and cost of license

All licenses issued after this act takes effect shall terminate
on the thirty-first day of December of each year, and shall be
paid for at the rate per year established in this act; provided,
however, that no license for any fractional part of the year
shall be issued for any sum less than one-third of the full
annual rate, and that fractional months shall be counted as full
months in every case.