3-3-9: TRANSFERABILITY:
   A.   Any license issued to a corporation for profit or to a limited liability company shall terminate upon transfer of ownership from one (1) individual or individuals to another of more than thirty percent (30%) of the corporate stock or more than thirty percent (30%) of the membership interests in the limited liability company and any application for renewal of a license in the corporation's name or limited liability company's name subsequent to transfer to the ownership of more than thirty percent (30%) of the corporate stock or more than thirty percent (30%) of the membership interests in the limited liability company shall be considered and treated as a new application and the appropriate and applicable fee required of a new applicant shall accompany the application.
   B.   Whenever a licensee under this chapter forms a corporation or limited liability company to operate in lieu of said licensee, a new application and payment of the appropriate fee is required even when the shareholder or shareholders of said corporation or the members of the limited liability company and the licensees are the one and same persons. (Ord. 2017-29, 6-13-2017)
   C.   In case of the death of an individual licensee, the license shall be suspended. If the surviving spouse, or administrator or executor of such deceased licensee designates a qualified successor of the licensee, and said successor files an application for a new license and passes necessary background checks and fingerprinting and pays the cost of a new license, all within a reasonable time, not to exceed one hundred twenty (120) days, then a new license shall be issued to said qualified successor. If no such designation is made, or if the application process is not completed within six (6) months after the date of death, then the license of the deceased licensee shall be deemed to have expired. (Ord. 2016-18, 5-24-2016)
   D.   In case a licensee shall sell or dispose of his business during the license period, he may waive his license rights and privileges in writing to the Village Liquor Control Commissioner in favor of the successor of his business, who in turn shall make application for a new license and pay the fee hereinbefore described. (1975 Code § 22.15)