(A) No corporate licensee shall permit any transfer of its stock which would vest in aggregate more than 5% of the stock outstanding in said corporation in any stockholder unless said stockholder has been previously approved by the Local Liquor Control Commission. All requests for approval of stockholders shall be in writing and under oath stating substantially the same requisites as set forth in § 113.20 of this chapter.
(B) The Local Liquor Control Commission shall approve such transfer of stock unless the proposed stockholder would be ineligible to receive a license for the retail sale of alcoholic liquor under this chapter for any reason other than citizenship and residence within the village.
(Ord. 06-101, passed 4-17-2006)