Effective Date of License

The license required by the provisions of this Division, and all other provisions applicable thereto, shall not be retroactive, and any person who, upon the date of approval of this law, is operating any business or trade under a valid Government of Guam license may continue to do so until the expiration thereof. Upon the expiration of any license valid on the date of approval of this Division, the person holding such license shall be required to obtain a new license under the provisions of this Division.