A license is subject to termination under the following circumstances:
A. When a license has been issued to a partnership and a change of ownership occurs, resulting in the creation of a partnership interest in a person who is not eligible to receive a liquor license, such license is thereby terminated.
B. When a license has been issued to a corporation and a change takes place as to officers, or directors, or of shareholders holding more than five percent (5%) of the stock in the corporation, or in the manager, or if a change takes place by the transfer of shares to one who is not eligible for a license, such license shall thereby terminate.
C. When a license has been issued to an individual who becomes ineligible to receive a license, the license theretofore issued to such individual shall thereby terminate.
D. In the case of a license issued to a corporation or partnership, the transfer of more than thirty percent (30%) of the ownership interest of the original stockholders or original members of the partnership to a person or persons with no ownership interest in the corporation or partnership at the time of the transfer, such transfer or transfers shall constitute the basis for a new license application, and the initial license fee shall then be payable.
E. Any licensee who ceases to do business for whatever reason, or who closes his place of business or has his place of business closed for whatever reason, for a period in excess of sixty (60) days shall notify the commissioner in writing of the same. The licensee may be required by the liquor commissioner, after receipt of notice of a hearing, to show cause why the license for such establishment should not be terminated. (Ord. 2006-O-14 § 1)