§ 25–405. Application for transfer to new owner.

(a) A voluntary transaction which results in (1) the transfer to an individual of 50% or more of the legal or beneficial ownership of (A) the licensed establishment, or (B) the entity owning or controlling the licensed establishment, or (2) a change in stock ownership or partnership interest of 50% or more, within any 12 month period, shall require application for transfer of the license to new owners from the Board.

(b) An application to transfer a license to a new owner shall be filed by the transferee and approved by the Board before the consummation of the transfer.

(c) An applicant requesting the transfer of a license to a new owner shall submit documents and other written statements and evidence requesting written approval of the transfer and establishing to the satisfaction of the Board that the new owner meets all of the qualifications set forth in § 25-301.

(d) The current licensee shall submit an affidavit which complies with § 47-2863(b).

(e) If the Board finds that the licensee is in violation of this title or regulations promulgated under this title, the Board shall deny the application for transfer.