No adult entertainment establishment license may be sold, transferred or assigned
by a license, or by operation of law, to any other person or persons. Any such sale,
transfer or assignment, or attempted sale, transfer or assignment, shall be deemed
to constitute a voluntary surrender of such license, shall thereafter be null and
void; provided and excepting, however, that if the licensee is a partnership and one
(1) or more of the partners should die, one (1) or more of the surviving partners
may acquire, by purchase or otherwise, the interest of the deceased partner or partners
without effecting a surrender or termination of such license, and in such case, the
permit upon notification to the city, shall be placed in the name of the surviving
partner. An adult entertainment establishment license issued to a corporation shall
be deemed terminated and void when either any outstanding stock of the corporation
is sold, transferred or assigned after the issuance of a license or any stock authorized
but not issued at the time of the granting of a license is thereafter issued and sold,
transferred or assigned.
(Ord. No. 52-95, § I, 12-21-95)
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