(1) Whenever any person who has taken out a licence under this Act in respect of any horse, mule, carriage or cart shall during the currency of such licence lose such animal or article, or sell or otherwise transfer the ownership of such animal or article, he or she may replace the same by another similar animal or article without being liable to take out another licence for the same period in respect of the animal or article so substituted. However, such person shall, within 7 days after the day on which he or she shall so substitute such animal or article as aforesaid, give notice in writing of such substitution and of such loss, sale or transfer, to the Director of Finance and Planning or to the revenue officer in charge of a revenue office in the district in which such person resides, and he or she shall in such notice make application for a licence to him or her in place of the licence already taken out as aforesaid and give a description of such animal or article so substituted as aforesaid, and the Director of Finance and Planning or revenue officer shall thereupon strike out from such licence the description of such former animal or article and insert instead the description of such substituted animal or article together with words to the effect that the licence so amended is a substitute for the original licence, and such substituted licence shall operate in all respects as the original licence and the holder thereof shall be subject to all the provisions of this Act as if such substituted licence had been the original licence.