(A) (1) Licenses issued to corporations shall be valid only as long as there is no change in the officers or ownership interest of the corporation, unless the change is approved by the Council, in which event the license shall continue in force until the end of the then-current license year. Failure to report any change in stockholders, officers, or managers shall be grounds for the revocation of all licenses held by the corporation.
(2) Every corporation licensed under the provisions of this section shall adopt and maintain in its bylaws a provision that no transfer of stock is valid or effective unless approved by the City Council and shall require that all of its certificates of stock shall have printed on the face thereof: "The transfer of this stock certificate is invalid unless approved by the City Council of Mora, Minnesota," and failure to comply with this provision shall be grounds for the revocation of all licenses held by the corporation.
(3) The provisions of this section shall not apply to the issuance of any license to a corporation whose stock is traded on a public stock exchange.
(B) Licenses issued to associations or partnerships shall be valid only as long as there is no change in the partnership or association agreement or in the ownership of the partnership or association unless the change is approved by the Council, in which event the license shall continue in force until the end of the then-current license year.
(C) Corporation, partnerships, or associations shall submit written notice to the city of any such changes described herein on or before thirty (30) days prior to the effective date of the change. In case of a corporation, the licensee shall submit written notice to the city when a person not listed in the initial application will be acquiring an interest and shall give all information about the person as is required of a person pursuant to the provisions of this chapter.
(Ord. 427, passed 11-18-2014)