Changes in personnel of any licensee are subject to the following requirements.
(A) Any changes in partnerships, officers, directors, persons holding directly or beneficially more than 5% of the stock or ownership interest, or managers of establishments licensed under this chapter, shall be reported in writing to the Liquor Control Commissioner within ten days of the change. All persons shall meet all the standards of this chapter and must otherwise qualify to hold a license.
(B) 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, the license shall terminate effective on the date of the change.
(C) When a license has been issued to a corporation and a change takes place in the officers, directors or shareholders of more than 5% of the stock or managers resulting in the holding of office or the shares by one who is not eligible for a license, the license shall terminate effective on the date of the change.
(D) If there are any changes in ownership of the establishment licensed under this chapter, and the licensee does not contact the Liquor Commissioner within ten days of the change, then the licensee shall be fined in an amount of $500.
(1980 Code, § 110.044) (Res. 86-90, adopted 6-19-1986; Res. 97-59, adopted 3-20-1997; Ord. 05-500, adopted 11-17-2005; Ord. 22-236, passed 8-18-2022) Penalty, see § 110.999
Statutory reference:
Exercise of corporate powers, see 55 ILCS 5/5-1004
Local control of Liquor Control Act of 1934, see 235 ILCS 5/4-1 et seq.