§ 10-112. Restrictions upon transfers.

(a)

Licenses under this division shall not be transferable, except as otherwise provided in this section.

(b)

If the death of any person holding a license or any interest therein occurs, the license may, in the discretion of the mayor, be transferred to the administrator, executor or the lawful heirs of the deceased person.

(c)

Nothing in this section, however, shall prohibit one or more of the partners in a partnership holding a license to withdraw from the partnership in favor of one or more of the partners who were partners at the time of the issuance of the license. The withdrawal shall not, however, bring any new ownership into the partnership.

(d)

Should a transfer of a location be approved, there shall be no pro rata return of any license fee, and the new location shall be considered and meet the requirements of a new license under this division; provided, however, if a transfer of an existing location is approved and there is no change in the ownership of the business, the license fee paid for the old location shall be applied to the new location.

(e)

A licensee may take in partners or additional stockholders if it is determined that the additional capital furnished is to be used exclusively for additional inventory or expanding the facilities of the business or for building new facilities and if it appears that the licensee receives directly none of the additional capital invested. Under this section an additional partner or new principal stockholder must be approved by the license review board, except as provided in this division for the retail sale of distilled spirits by the package.

(Code 1977, § 14-2087)