A. Any changes in partners or in officers, directors, persons holding directly or beneficially more than five percent (5%) of the stock or ownership interests of corporations, or managers of establishments licensed under this chapter, shall be reported in writing to the local liquor control commissioner within ten (10) days of the change. All new personnel shall meet all the standards of this chapter and must otherwise qualify to hold a liquor license. All such changes in personnel shall be subject to review by the local liquor control commissioner within thirty (30) days of the change.
B. When a license has been issued to a partnership and a change of ownership occurs resulting in a partnership interest by one who is not eligible to hold a liquor license, said license shall terminate.
C. When a license has been issued to a corporation and a change takes place in officers, directors, managers or shareholders of more than five percent (5%) of the stock, resulting in the holding of office or such shares of stock by one who is not eligible for a license, said license shall terminate.
D. When a license has been issued to an individual who is no longer eligible for a license, said license shall terminate. (Ord. O-05-91, 2-19-1991, eff. 5-1-1991)