If a licensee shall sell or dispose of his business during the period of the license, he may waive his rights as a licensee in writing to the LLCC. Upon submittal of said letter to the LLCC, the licensee must surrender his liquor license. The person to whom the business is being sold may make application for a new license and deliver to the LLCC with such application a check in payment of the initial license fee. (Ord. 2007-722, 4-3-2007)