(A) A license shall be purely a person privilege, good for no more than one year after issuance unless sooner revoked as provided in § 112.27, 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.
(B) Such license shall cease upon the death of the licensee and shall not descend by the laws of testate or intestate devolution, provided that executors or administrators of the estate of any deceased licensee and the trustee of any insolvent or bankrupt licensee, when such 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 not longer than six months after the death, bankruptcy or insolvency of such licensee.
(C) Any sale, transfer, assignment or infusion of capital, by any person, copartner or corporation not presently on an existing license, of more than 50% interest in the case of a co-partnership or 50% of stock in the case of a corporation, shall be deemed a sale under this section. Any such sale will require the new owner to apply for a new license and payment of all fees.
(D) Any changes in partnership, officers, directors, or managers of establishments licensed to sell alcoholic liquor in the village shall be reported in writing to the Local Liquor Control Commissioner within ten days of the change. All such personnel shall meet all the standards of this chapter and must otherwise qualify to hold a liquor license.
(E) Changes in stock ownership.
(1) A corporation licensed to sell alcoholic liquor in the village shall advise the Local Liquor Control Commissioner at least 30 days prior to any contemplated change of stock ownership involving 5% or more of the stock of the corporation.
(2) Each individual seeking to acquire 5% or more of the stock of a corporation licensed to sell alcoholic liquor in the village shall comply with the provisions of §§ 112.16 and 112.17 of this chapter as though he or she were applying for a license as an individual.
(3) The provisions of this division (E) shall not apply to corporations whose stock is traded publicly and listed on recognized stock exchanges.
(F) A refund shall be made of that portion of the license fees paid for any period in which the licensee shall be prevented from operating under the license in accordance with the provisions of this section.
('52 Code, § 280) (Am. Ord. 1668-13, passed 8-20-13) Penalty, see § 112.99