In the event any licensee shall sell the business or discontinue operation for a period of more than thirty (30) days (except closings for remodeling and repairs), or any partnership or corporation shall be dissolved, such license shall terminate forthwith. Except however, other than in the case of the termination of a partnership or the dissolution of a corporation, a licensee may continue said license in full force and effect; provided, that the Local Liquor Control Commissioner is notified by the licensee within forty (40) days from the date of the sale of said business or its discontinuance of a desire to maintain said license, and the licensee otherwise complies with all applicable provisions of this Chapter and designates a location within the Village acceptable to the Local Liquor Control Commissioner as the address or location of said license.