If the ownership of the establishment discontinuing business has changed hands in the preceding twelve months, all signs and advertising relative to the sale shall bear the name of the true owner, but may refer to the former owner or the trade name used by him, provided that:
   (a)    Such reference is subordinated in space and letter size to the name of the true owner; and
   (b)    All goods not remaining from the stock of the former owner shall be separated and clearly identified as goods of the new owner during the course of the sale.
   The use of any untrue, deceptive or misleading advertising or violation of any requirement of this chapter shall, in addition to any other penalty, be grounds for revocation of the license for such sale. All signs and other advertising of the sale shall bear the number and date of the license issued under this chapter.
   A business establishment owned by a corporation shall be considered to change  ownership upon transfer, in one or more transactions, of more than fifty percent  (50%) of the shares of such corporation to any one person, partnership, association or other corporation. The person, partnership, association or other corporation owning more than fifty percent of the outstanding shares of a corporation owning such business establishment shall be considered to be the true owner of the business establishment for the purposes of this chapter.
(Ord. 71-1964. Passed 3-17-64.)