(1) The personal representative of a deceased licensed dealer or the transferee of the business of a licensed dealer may apply to the magistrate in writing for a free licence for the unexpired term of such dealer's licence.
(2) Subject to the provisions of section 34 such magistrate shall, upon satisfactory proof of the facts and upon surrender of such dealer's licence, cancel such dealer's licence and issue a free licence to the applicant for the unexpired term.