A. Any changes in partnerships, officers, directors, persons holding directly or beneficially more than five percent of the stock of a corporation or ownership interest, or managers of establishments licensed under this chapter shall be reported in writing to the Local Liquor Control Commissioner within ten (10) days of the change. All new personnel shall meet all the standards of this chapter and must otherwise be eligible to hold a liquor license. All such changes in personnel shall be subject to review by the Local Liquor Control Commissioner.
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, such license shall terminate.
C. When a license has been issued to a corporation and a change takes place in the manager of such corporation or in the officers, directors or stockholders of more than five percent of the stock, resulting in the holding of such office or such shares of stock by a person who is not eligible for a liquor license, such license shall terminate.
D. When a license has been issued to an individual who becomes or is no longer eligible for a license, such license shall terminate.
(Prior code § 35.17)
(MC-9-2002, Added, 09/17/2002)