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