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(A) Transfer Of License: A license shall be purely a personal privilege, good for a period of not to exceed one year after issuance, unless sooner revoked or terminated, and shall not constitute property, nor shall it be subject to attachment, garnishment or execution, nor shall it be alienable or transferable, voluntarily or involuntarily, or subject to being encumbered or hypothecated. Such license shall cease upon the death or dissolution of the licensee and shall not descend by the laws of testate or intestate succession; provided, that executors or administrators of the estate of any deceased licensee, and the trustee of any insolvent or bankrupt licensee, when such estate consists in part of alcoholic liquor, may continue the business of sale of alcoholic liquor under the order of the appropriate court and may exercise the privileges of the deceased or insolvent or bankrupt licensee after the death of such decedent or such insolvency or bankruptcy until the expiration of such license but no longer than six (6) months after the death, bankruptcy or insolvency of such licensee.
(B) Changes In Licensee:
1. Any changes in partnership, officers, directors, or persons holding directly or beneficially more than five percent (5%) of the stock or ownership interest, or managers of the establishments licensed under this chapter, shall be reported in writing to the Local Liquor Control Commissioner within ten (10) days of the change.
2. When a license has been issued for a partnership and a change of ownership occurs resulting in a partnership interest by one who is not eligible to hold a liquor license, said license shall terminate.
3. When a license has been issued to a corporation and a change takes place in officers, directors, managers or shareholders of more than five percent (5%) of the stock resulting in the holding of such office, position or such shares of stock by one who is not eligible for a license, said license shall terminate.
4. When a license has been issued to an individual who is no longer eligible for a license, said license shall terminate. (Ord. 99-O-26, 10-25-1999)