§ 8.20.150. Transfers requiring notice to and approval of the board.  


Latest version.
  • (a) If a person or entity previously found suitable as an owner of an interest in a license under this chapter proposes to transfer all, or any portion of his or its interest to a person or entity who has also been found suitable as an owner of an interest in such licensed business, both parties shall give written notification to the board setting forth the extent of the interest to be transferred and the consideration therefore. The transferee shall furnish a statement disclosing the source of funds to be used in acquiring such interest and such other documents and information as the board may require. The board may also require all parties to the transaction to apply for and be found suitable prior to the completion of the transaction.

    (b)

    Except to the extent provided in this chapter, no person or entity who is the owner of any interest in a licensed liquor business shall in any manner whatsoever transfer any interest therein to any person or entity not then an owner of any interest therein; and no such transfer shall be effective until the transferee or transferees apply for and obtain the necessary finding of suitability required by this chapter. Applications for such transfers shall be accompanied by an executed copy of the transferor's agreement to transfer the interest sought. The board may require all parties to the transaction to apply for and be found suitable prior to the completion of the transaction.

    (c)

    Nothing in this chapter shall be construed to require a new application for existing licensees who are changing the structure of their business ownership without changing the natural persons previously investigated and found suitable by the board after a personal history and financial investigation was completed by LVMPD. Transferees must submit completed transfer of interest forms and all supporting documentation and fees for the change of structure and no such transfer shall be effective until the transferee or transferees apply for and obtain the necessary approval by the board required by this chapter.

(Ord. L-226-05 § 1, 2005: Ord. L-195-00 § 1, 2000: Ord. L-62-87 § 11, 1987: Ord. L-8-66 (part), 1966: Ord. L-7-65 § 3(13), 1965)