(A) A change in the ownership of any licensee or in the management of any licensed premises shall be subject to the following requirements:
(1) Any change in the partners, officers, directors, managers or other persons holding directly or beneficially more than 5% of an ownership interest of any licensee or in the business management of any licensed premises under this chapter shall be reported in writing to the Local Commissioner within ten days of the change; provided, however, that any change in stock ownership need not be reported where the stock is publicly traded and the stock transferred to any person is less than 20% of the outstanding stock; and
(2) When a change occurs that results in any ownership interest described in division (A)(1) above being transferred to any person who is not eligible to hold a license under this chapter or the Liquor Control Act, the license shall terminate effectively on the date of the change.
(B) Each licensee shall submit information as may be required by the Local Commissioner for each change described in division (A) above.
(Ord. 07-05-01, passed 5-22-2007)