Subd. 1. Investigation and Issuance. The City Council shall investigate all facts set out in the application and as otherwise required by state law. Opportunity shall be given to any person to be heard for or against the granting of the license. After the investigation and hearing, the Council shall, in its discretion, grant or refuse the application. No license shall become effective until it, together with the security furnished by the applicant, has been approved by the Department of Public Safety or other authority as required by state law or this Code.
Subd. 2. Person and Premises Licensed; Transfer. Each license shall be issued only to the applicant and for the premises described in the application. No license may be transferred to another person or place without City Council approval. Any transfer of stock of a corporate licensee resulting in a change in the controlling interest of a corporation, or a transfer of 51% or more of the corporate stock shall be deemed a transfer of the license and such transfer of stock without prior Council approval shall be a ground for revocation of the license.