No license issued pursuant to the provisions of this chapter shall be transferable; provided, however, when a license is issued authorizing a person to transact and carry on a business at a particular place or places, such licensor may, upon application therefor and paying to Collector a fee in the amount of $3 to defray the city’s costs of issuance, have the license amended by the Collector to authorize the transacting and carrying on of such business under such license at some other location in city to which the business is or is to be moved; and provided further, a transfer, whether by sale or otherwise, to another person under such circumstances that the real or ultimate ownership after the transfer is substantially similar to the ownership existing before the transfer shall not be prohibited by the provisions of this section. For the purposes of this section, stockholders, partnerships or other persons holding an ownership interest in a corporation or other entity, defined in § 5.02.020 to be a person, shall be regarded as having the real or ultimate ownership of such corporation or other entity.
(`78 Code, § 5.02.100.)