A. Personal Privilege: A license to sell alcoholic liquor shall be purely a personal privilege, good for not to exceed one (1) year after issuance unless sooner revoked or terminated as provided herein 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 not descend by the laws of testate or intestate devolution, but it shall cease upon the death of the licensee; 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 the sale of alcoholic liquor under order of an 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. A refund shall be made of that portion of the license fees paid for any period in which the representatives of the licensee shall be prevented from operating under such license in accordance with the provisions of this section. (Ord. 474, 2-8-1978)
B. Corporation Or Partnership:
1. A license issued to a corporation or a copartnership shall not automatically terminate in the event of a sale, transfer or issuance of new shares of the corporate stock of such corporation or a sale or transfer or addition of new partners in the case of a copartnership, but shall remain in effect and in force thereafter subject to the following conditions:
a. In the event of a sale, transfer or issuance of new shares of corporate stock of a corporation, the president and secretary shall file an affidavit with the Village Clerk, on forms to be supplied by the Village, setting forth the names, ages, addresses and any additional information required of all new shareholders and shall also state therein such information for any new directors or officers of the corporation. Said affidavit shall also contain a statement that the individuals listed thereon are new shareholders and are shown to be such shareholders on the official corporate records and that shares of stock in said corporation have been issued to them in their respective names.
b. That in the case of the sale or transfer of an interest in a partnership holding a liquor license, or in the event of the addition of a new partner or partners, the partnership shall file an affidavit with the Village Clerk, on forms to be supplied by the Village, setting forth the names, ages, addresses and other information required of all new partners.
c. The affidavits required to be filed as provided in subsections B1a and B1b of this section may be filed with the Village Clerk prior to the transfer of ownership or issuance of new shares, as the case may be, with the further statement that the corporation or partnership anticipates such a sale, transfer or issuance of new shares and/or change of officers and directors and requesting prior approval therefor.
2. No alcoholic beverages or alcoholic liquor shall be sold by such corporation or partnership under an existing license from the date of such a sale, transfer or issuance of new shares of corporate stock or change in partnership interests as above described, until written approval to continue operating under the existing corporate or partnership license is issued by the Village President.
3. The requirements of subsections B1 and B2 of this section shall not apply to the transfer of less than five percent (5%) of the total stock of any corporation holding a liquor license in the corporate name. (Ord. 485, 3-8-1979)