A. Any changes in partnerships, officers, directors, persons holding directly or beneficially more than five percent (5%) of the stock of a corporation or ownership interest, or managers, of establishments licensed under this chapter shall be reported, in writing, to the Liquor Control Commissioner within ten (10) days after the change. All new personnel shall meet all the standards of this chapter and shall otherwise qualify to hold a liquor license. All such changes in personnel shall be subject to review by the Liquor Control Commissioner.
B. When a license has been issued to a partnership and a change of ownership occurs, resulting in a partnership interest by one who is not eligible to hold a liquor license, the license shall terminate immediately.
C. When a license has been issued to a corporation and a change takes place in the management thereof or in the officers, directors, or shareholders of more than five percent (5%) of the stock, resulting in the holding of office or such shares of stock by one who is not eligible for a license, the license shall terminate immediately.
D. When a license has been issued to an individual who becomes or is no longer eligible for a license, the license shall terminate immediately. (Ord. 2015-4, 4-14-2015)