No Class 2 License shall be sold, transferred, or assigned by any license holder, or by operation of law, to any other person, group, partnership, corporation or any other entity, and any such sale, transfer or assignment, or attempted sale, transfer, or assignment shall be deemed to constitute a voluntary surrender of such license, and such license shall be thereafter null and void. For purposes of this section, an acquisition by any person, group, partnership or other entity of at least 10% of the adult-oriented business shall be considered a sale, transfer or assignment.
('65 Code, § 5-31.03) (Ord. 433-C.S., passed 9-6-94)