§ 4-25. Transfer; information as to corporate officers, etc.

(a)

A license issued hereunder for the sale of wine, liquor or malt beverages shall not be transferred to permit the operation at a different location than the location specified in the license and a license issued hereunder shall not be assigned to and held by a person other than the person to whom the license was issued.

(b)

Prior to the issuance of a license hereunder to a corporation, the corporation shall furnish to the city the names and addresses of the officers, directors and stockholders of the corporation, showing the amount of capital stock owned by each stockholder. The requirements as to the names of all stockholders may be waived by the city in the event the stock is widely held by members of the public through over-the-counter or other public sale thereof and when the names of all stockholders exceed 20 persons and are impossible or difficult to ascertain.

(c)

In the event a majority of the capital stock of a corporation holding a license hereunder is sold, the license is automatically revoked and the corporation shall apply for and take out a new license under the provisions hereinabove set out. No additional license shall issue to the corporation until all licenses, taxes and fees due the city by the corporation first holding the license shall have been paid in full.

(Ord. No. 04-013, § 24, 12-20-2013)