A. Thirty (30) days prior to renewal of any license authorized under this chapter, the licensee shall first deliver to the Village President a complete application as set forth in section 3-2-4 of this chapter, together with the names and addresses of all persons or companies having more than a five percent (5%) interest in the ownership of said premises.
B. In the event any licensee be a corporation, said licensee shall notify the Clerk in writing by certified mail at any time there be a change in or of any officers, directors or managers of the licensee corporation. Such notice shall include a statement of qualification of eligibility to receive a license for all officers, directors or managers, as hereinafter defined. Failure to make such notice shall subject said licensee to suspension or revocation of said license or refusal to renew same.
C. Any license issued to a corporation shall terminate upon transfer of ownership from one (1) individual or individuals to another of more than five percent (5%) of the corporate stock and any application for renewal of the license in the corporation's name subsequent to transfer of the ownership of more than five percent (5%) of the corporate stock shall be considered and treated as a new application and the appropriate and applicable fee shall be required with the application. (Ord. 123, 11-7-1966)