In the event one or more members of a firm or partnership withdraws from such business, the business may continue by the remaining person or persons, partner or partners under the same liquor license for the remainder of the period for which the license was issued to licensee or licensees. In the event the local manager of a corporate licensee is changed, the license may continue for the remainder of the period for which the license was issued provided the new manager meets the requirements of this chapter. The change in ownership and/or the change in local manager shall be reported immediately to the village and the change shall be shown on the original license application after satisfactory review of the changes by the liquor control committee. There shall be a two hundred fifty dollar ($250.00) fee for any change of ownership or change of local manager. The failure by any licensee hereunder to comply with the provisions or any part of this section shall be deemed cause for the revocation/cancellation of the liquor license issued under this chapter by the village board. (Ord. 2005-09, 12-5-2005)