A license issued to a partnership shall not be voided by withdrawal of a partner so long as one of the original partners remains, but if a new partner becomes a member, a new license shall be required unless he or she already holds a license. A license issued to a corporation shall be voided if an unqualified person becomes a principal officer or stockholder owning 20% or more of the capital stock in the corporation. All changes in the membership of the partnership or all changes in the identity of the principal officers or stockholders owning 20% or more of the capital stock of a corporation shall be reported to the Chief of Police within ten days after they occur.
(`78 Code, § 5.10.090.) (Ord. 2347 § 12, 1998.)