(A) Changes in personnel of any person or entity licensed pursuant to this chapter are subject to the following requirements:
1. Any changes in partners, officers, directors, persons holding directly or beneficially more than five percent (5%) of the stock or ownership interest or managers of establishments licensed under this chapter shall be reported in writing to the Commissioner within ten (10) days of the change; provided, however, that changes in stock ownership need not be reported where the stock is publicly traded if the stock transfer is less than twenty five percent (25%) of the stock. All such persons shall meet all the standards of this chapter and must otherwise qualify to hold a license.
2. 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, such license shall terminate effective on the date of such change.
3. When a license has been issued to a corporation and a change takes place in the officers, directors, managers or shareholders of more than five percent (5%) of the stock resulting in the holding of office or such shares by one who is not eligible for a license, such license shall terminate effective on the date of such change.
4. The licensee shall submit a criminal background and credit check authorization form, including finger prints, for each change of individual interests referred to in subsection (A)1 of this section. The licensee shall pay processing fee which sum shall be determined by the Commissioner based upon the cost to the Village. (Ord. 2018-6, 4-10-2018)