No license issued pursuant to this chapter shall be transferable; provided, that where a license is issued authorizing a person to transact and carry on a business at a particular place, such licensee may, upon application for the license and paying a transfer fee, have the license amended to authorize the transacting and carrying on of such business under the license at some other location to which the business is or is about to be moved; provided, further, that transfer, whether by sale or otherwise, to another person under such circumstances, that the real or ultimate ownership after the transfer is substantially similar to the ownership existing before the transfer, shall not be prohibited by this

section. For the purpose of this section, stockholders, bondholders, partnerships or other persons holding an interest in a corporation or other entity defined in this chapter to be a person, are regarded as having the real or ultimate ownership of such corporation or other entity. Nothing in this section may be construed to conflict with or supersede the requirements of Section 5.04.170. (Ord. 470 § 2 (part), 1991: prior code § 12-12)