If an owner to whom a certificate of convenience and necessity has been issued desires to sell or transfer his business the intended buyer must make application to the City for a certificate of convenience and necessity as required by this chapter. The seller and holder of the certificate must file an affidavit of intention to surrender and cancel the existing certificates and licenses conditionally upon and concurrently with consummation of sale and issuance of new certificates and licenses in the name of the buyer. If the buyer applicant meets the requirements as set forth in this chapter for the issuance of a certificate of convenience and necessity, the City shall issue a new certificate to the buyer and concurrently therewith shall cancel the seller’s certificate.