Each license shall be issued to the applicant only and shall not be transferable to another holder. Any change in the persons named as partners on the application, as required by § 114.022(C)(1) and any change in the persons who are named in the application as required by § 114.022(D) shall be deemed a transfer for purposes of this subchapter. If the licensee is a limited partnership, a change in the limited partners of less than 25% cumulatively over the license period shall not be deemed a transfer. The change in or addition of a vice-president, secretary, or treasurer of a corporate licensee shall not be deemed a transfer. All licenses issued pursuant to this subchapter shall be effective for the period provided in § 111.07.
(Prior Code, § 111.349)