A business establishment owned by a corporation shall be considered to have changed ownership upon transfer, in one or more transactions, of more than fifty percent of the shares of such corporation to any person, whether an individual, partnership, association or other corporation. Such individual, partnership, association, corporation or other person so 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 such business establishment for the purposes of this chapter.
(Ord. 1973-37. Passed 2-19-73.)