A. Transfer Of License: A license shall be a purely personal privilege, good for a period of not to exceed one year after issuance, unless sooner revoked, and shall not constitute property, nor shall it be subject to attachment, garnishment or execution, nor shall it be alienable or transferable, voluntarily or involuntarily, or subject to being encumbered or hypothecated. Such license shall cease upon the death of the licensee and shall not descend by the laws of testate or intestate succession; provided, that executors or administrators of the estate of any deceased licensee, and the trustee of any insolvent or bankrupt licensee, when such estate consists in part of alcoholic liquor, may continue the business of sale of alcoholic liquor under the order of the appropriate court and may exercise the privileges of the deceased or insolvent or bankrupt licensee after the death of such decedent or such insolvency or bankruptcy until the expiration of such license but no longer than six (6) months after the death, bankruptcy or insolvency of such licensee.
B. Changes In Licensee:
1. Any changes in partnership, officers, directors, or persons holding directly or beneficially more than five percent (5%) of the stock or ownership interest, or managers of establishments licensed under this chapter, shall be reported in writing to the local liquor control commissioner within ten (10) days of the change. All new personnel shall meet all of the standards of this chapter and must otherwise qualify to hold a liquor license. In addition, an investigation fee of seventy five dollars ($75.00) must be submitted in accordance with the provisions of subsection 3-3-7B of this chapter.
2. When a license has been issued for a partnership and a change of ownership occurs resulting in a partnership interest by one who is not eligible to hold a liquor license, said license shall terminate.
3. When a license has been issued to a corporation and a change takes place in officers, directors, managers or shareholders of more than five percent (5%) of the stock resulting in the holding of such office, position or such shares of stock by one who is not eligible for a license, said license shall terminate.
4. When a license has been issued to an individual who is no longer eligible for a license, said license shall terminate.
5. In the event a proposed stock acquisition results in a change of stock ownership of a corporation in excess of fifty percent (50%) of the total issued and outstanding stock of the corporation as it existed at the time the corporation's existing license was first issued, the acquisition shall be deemed and is hereby declared to be a transfer of the license, and if completed shall cause the license to cease and terminate unless, prior to such completion, an application for a new license is filed with, and a new liquor license is issued, by the local liquor control commissioner.
6. Failure to report to and file the required application and liquor license personal interest form with the local liquor control commissioner as above required, or any transfer of stock in violation of the determination of the local liquor control commissioner shall be grounds for revocation of the corporation's liquor license by the local liquor control commissioner upon proof of such violation established at a hearing called by the local liquor control commissioner in the manner hereinafter provided. (Ord. 1447-13, 4-15-2013)