No license to operate an arcade may be sold, transferred or assigned by a registrant,
or by operation of law, to any other person or persons, corporation, partnership or
other business entity, or to any other location or any expansion of an existing location.
Any such sale, transfer or assignment or attempted sale, transfer or assignment shall
be deemed to constitute a voluntary surrender of such license, and such license shall
thereafter be null and void, provided and excepting, however, that if the registrant
is a partnership and one or more of the partners should die, or one 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 license, upon notification to the permit office, shall be placed
in the name of the surviving partner. A license to operate an arcade 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. of 11-6-2000(2), § 5.20.120)
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