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A. A licensee shall maintain with the liquor commissioner at all times an accurate record of all of the partners, shareholders, members or other persons holding directly or indirectly, as beneficiaries or otherwise, five percent (5%) or more ownership interest in the licensed entity, along with all officers, directors and general managers of the licensed entity.
B. Any changes in ownership, including partnerships, shareholders, members or persons holding directly or indirectly, as beneficiaries or otherwise, of more than five percent (5%) of the stock or ownership interest, or change in general managers of establishments licensed under this chapter, shall be reported in writing to the local liquor control commissioner and chief of police within ten (10) days of the change. All new personnel shall meet all the standards of this chapter, be subject to fingerprinting and a criminal background check and must be qualified to hold a local liquor license. All such changes in personnel shall be subject to review by the local liquor control commissioner within thirty (30) days of the change, including fingerprinting and payment of the associated fee(s).
C. An issued license shall automatically terminate:
1. When a license has been issued to a partnership and a change of ownership occurs resulting in a partnership interest by one who is not eligible to hold a liquor license;
2. When a license has been issued to a corporation and a change takes place in ownership of more than five percent (5%) of the stock, resulting in the holding of shares of stock by one who is not eligible for a license; or
3. When a license has been issued to a limited liability company and a change of ownership of more than five percent (5%) of the membership interest results in the holding of membership interests by one who is not eligible for a license;
4. When a license has been issued to an individual who is no longer eligible for a license.
D. An issued license shall become automatically suspended if there is any change in the directors, officers, or general managers of the licensed entity such that the new personnel would be ineligible to obtain a liquor license, and all of the rights and privileges of the license shall be suspended as long as an ineligible person is in a position of director, officer or general manager of the licensed entity. (Ord. 13-16, 4-1-2013)