§ 1072.19. SALE OR TRANSFER.

Upon sale, transfer or relocation of an Encounter Studio, the permit and license therefor shall be null and void unless approved as provided in Section 1072.24 herein; provided, however, that upon the death or incapacity of the permittee the Encounter Studio may continue in business for a reasonable period of time to allow for an orderly transfer of the permit.

If the permittee is a corporation, a transfer of 25 percent of the stock ownership of the permittee will be deemed to be a sale or transfer and the permit and license therefor shall be null and void unless approved as provided in Section 1072.24 herein; provided, however, that the provision shall not apply to a permittee corporation, the stock of which is listed on a stock exchange in this state or in the City of New York, State of New York, or which is required by law to file periodic reports with the Securities and Exchange Commission unless approved as provided in Section 1072.19 herein.

(Added by Ord. 241-77, App. 6/17/77)