In the event that a corporation holding a liquor license shall be dissolved and a new corporation formed with the same or different officers, the license held by the dissolved corporation shall be terminated and the new corporation shall apply for a new liquor license pursuant to this Chapter and pay the initial license fees. To the extent that the officers of the new corporation are the same as the officers of the terminated corporation, the initial license fees established in Section 7-4-8 of this Chapter may be reduced by the Liquor Control Commissioners. (Ord. 3861, 4-5-04)