When a licensee shall have made a bona fide sale of the business which he is licensed
under this Chapter to conduct, he may obtain a transfer of the license issued under
this Chapter to the purchaser of the business but only if, before the transfer, the
application of the purchaser shall be approved by the Sheriff in accordance with the
same procedure provided in Sections 150.205, 150.206 and 150.207 in the case of issuance of new licenses. A license may be transferred when revocation
or suspension proceedings have been instituted against a licensee; provided, that
revocation or suspension proceedings shall continue and the license shall be subject
to any suspension or revocation notwithstanding the transfer. Before the issuance
of a transfer of license, the transferee shall pay a transfer fee of ten percent of
the appropriate annual license fee. Licenses issued under this Chapter shall not be
transferable in any other way than provided in this Section.
