In the event that a partnership which is the licensee is terminated by reason of the death, insolvency, removal, adjudication of bankruptcy or mental incompetency of a partner, the surviving or remaining partners, as agents then qualified to become a licensee under this chapter, may apply for the transfer of the license held by the former partnership, to a new partnership in which they are the only partners or to one or more of the partners, as individuals, or to a corporation as such transferee, if otherwise qualified, as required under this chapter and the laws of the state; provided, that there shall be no transfer of location of such license to premises other than the licensed premises, unless such other premises conforms to the requirements of this chapter as to location and condition for a licensed premises, and then only as any such change of location is approved in accordance with the provisions of section 4-1-21 of this chapter. If a corporation is the licensee, its president or chief executive officer is hereby obligated to report in writing to the village manager within sixty (60) days of any change in the operative control, through change in the ownership of shares, or otherwise, of such corporation. Such report shall be transmitted in writing, verified by the oath of such officer, and shall be filed in duplicate in the office of the village manager. The village manager, or authorized representative, shall forthwith deliver a duplicate original of such verified report to the local commissioner who shall consider the information disclosed and shall make such further investigation, including interrogation of the officers or agents of the licensee to determine whether or not such change in the ownership or control of such corporate licensee may affect the quality, makeup, financial responsibility, accountability, or performance of the licensee under the covenants, representations and conditions of its license and its application of such license or for the renewal thereof. (Ord. 99-2077, 2-22-1999)