No license under this chapter may be transferred without approval of the City Council. Any transfer of stock of a corporate license is deemed to be a transfer of the license, and a transfer of stock without prior City Council approval is a ground for revocation of the license. An application to transfer a license shall be treated the same as an application for a new license, and all of the provisions of this chapter applying to applications for a license shall apply.
(Prior Code, § 1200.31) Penalty, see § 10.99