4-1-16: TRANSFERS OF INTEREST:
   A.   If a person who has been found suitable as an owner of an interest in a license under this chapter proposes to transfer any portion of his interest to a person who has also been licensed or found suitable as an owner of an interest in such license, both parties shall give written notification to the board setting forth the extent of the interest to be transferred and the consideration therefor. The transferee shall furnish a statement disclosing the source of funds to be used in acquiring such interest and such other documents and information as the board may require. The board may also require the party acquiring the interest to be found suitable to hold the additional interest prior to the completion of the transaction.
   B.   If a person who has been found suitable as an owner of an interest in a licensee proposes to transfer any portion of his interest to a person who has not been licensed or found suitable as an owner of an interest in the licensee, the transferee shall submit an application for a finding of suitability as an owner and the transfer is not effective until the board has approved the transfer. (Ord. 2008-04, 12-15-2008, eff. 7-1-2009)