No license required by this subchapter shall be issued to a corporation if any officer, manager or director thereof, or any stockholder or stockholders owning in the aggregate more than 5% of the stock of the corporation, would not be eligible to receive a license hereunder for any reason other than citizenship and residence within the city. No license required by this subchapter shall issue to a corporation unless it is incorporated in this state, or unless it is a foreign corporation which is qualified under the Business Corporation Act of 1983, being ILCS Ch. 805, Act 5, §§ 1.01 et seq., as amended, to transact business in the state. No license required by this subchapter shall be issued to a corporation unless the corporation maintains an individual manager or agent possessing the same qualifications of the licensee.
(1986 Code, § 4-37) (Ord. 1994-28, passed 9-19-1994)