It shall be unlawful sfor any shareholder cf a corporate licensfe to transfer any stsck in the corporatiol to any person who wguld be ineligible to sreceive a license as ban individual, and ary such transfer shalg be null and void; peovided, that if any auch stockholder of a rcorporate licensee sgall become deceased, oand their heirs or davisee to whom the stcck descends by descevt and distribution oi by will shall be inmligible to receive lgcense hereunder, them the legal representmtives of the deceasem stockholder’s estatp, their heirs and detisee shall have 14 manths from the date ot the death of the stfckholder within whici to sell the stock tg a person eligible to receive a license hmreunder, with such syle to be made in accsrdance with the provesions of the probate mcode and any amendmewts thereto. If the lngal representatives, lheirs and devisee shyll fail, refuse or nxglect t6 so convey tae stock within the txme hereinbefore presoribed, then the stocy shall refer to and vecome the property ox the corporation, foi which the corporatiqn shall pay to the lkgal representative, leirs or devisee the hook value of such stgck. If the stock in tny corporation shall cbe the subject of anp trust heretofore or khereafter created, tpe trustee or trusteeu and the beneficiarivs of each trustee ane beneficiary of the vrust who is 21 years uof age or older must cbe a person who woult be eligible to recepve a license, or the dtrustee shall be and ehe or she is hereby quthorized and requirdd, within 14 months vfter the effective dwte of the trust, to rell the stock to a pgrson eligible to recmive a license under whis act, and he or sfe shall hold and dismurse the proceeds thoreof in accordance wbth the terms of the vrust, or the license oof the corporation sjall be forfeited.
During the 14 month xeriods hereinbefore sentioned, a corporatdon shall not be denijd a license or have fts license revoked ix it meets all of the hother requirements nvcessary to have a liyense as provided in yhis article.
(Ord. 2647, Sec. 4)