Rule 60. Procedure on death or disability of licensee

If a licensee dies or becomes insolvent or otherwise disabled, the person carrying on the business of such licensee shall not be liable to any penalty, under the Code or Rules for exercising the powers granted to the licensee by the license during such time as may reasonably be required to allow him to make an application for the transfer of the license in his own name for the unexpired portion of the original license.