(A)   No retail liquor licenses of Classes A or B in addition to those presently outstanding, and as herein provided for, shall be issued until such time as the population of the village exceeds 300 for each outstanding retail liquor license.
   (B)   This restriction upon the number of outstanding licenses shall not be applicable to:
      (1)   The renewal of any existing license;
      (2)   The issuance of a license to the purchaser or lessee of an established licensed retail liquor business of Classes A and B;
      (3)   The issuance of a license because of the transfer of location.
   (C)   This restriction shall apply to outstanding licenses which expire without renewal or are revoked.
   (D)   This restriction shall continue and remain applicable to the number of outstanding retail liquor licenses so that their number, except as herein provided, shall not exceed one for every 500 of population.
('73 Code, § 34.07)