A license is not transferable as to location of the licensed business or as to ownership of the business except as follows.
(A) A license may be transferred as to the location in those instances in which the state authorizes the transfer of the site of the licensed retail business.
(B) A license may be transferred from one owner to another in those instances in which the state authorizes the transfer of the state issued license from one owner to another.
(Prior Code, § 2-1-6) Penalty, see § 111.99