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5. Revocation of License for Failure of Security. Any failure <br />of a licensee at any time to keep in full force and effect the <br />insurance required by this section shall be grounds for immediate <br />revocation of the license. <br /> <br />800.12 - CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS. <br /> <br />1. Ail corporations, partnerships, and associations must <br />designate an Operating Manager. The Operating Manager must be a <br />person working full-time at the licensed premises who is in <br />charge of day-to-day liquor sales. <br /> <br />2. Licenses issued to corporations shall be valid only so long <br />as there is no change in the officers or ownership interest of <br />the corporation, as defined in this Chapter, unless such change <br />is approved by the Council. The requirement concerning change in <br />officers does not apply to corporations whose stock is traded on <br />the New York or American Stock Exchanges. <br /> <br />3. Licenses issued to associations or partnerships shall be <br />valid only so long as there is no change in the partnership or <br />association, unless such change is approved by the Council. <br /> <br />4. Corporations, partnerships, or associations holding <br />licenses shall submit written notice to the city clerk of any <br />changes described herein on or before 30 days prior to the <br />effective date of any such change. In the case of a corporation, <br />the licensee shall notify the city clerk when a person not listed <br />in the application acquires an interest that, when combined with <br />that of a spouse, parent, brother, sister, or child exceeds 5 <br />percent and shall give all information about said person as is <br />required by the city. <br /> <br />5. Corporations holding licenses shall submit written notice <br />to the City Clerk of any change in Operating Managers prior to <br />the effective date of such change. The written notice shall <br />designate the new Operating Manager. The new Operating Manager <br />shall be subject to the investigation authorized by this Chapter <br />if an investigation is requested in writing by the license <br />holder. <br /> <br />800.14 - CONDITIONAL LICENSES <br /> <br />Notwithstanding any provision of law to the contrary, the Council <br />may, upon a finding of the necessity therefore, place such <br />special conditions and restrictions, in addition to those stated <br />in this Chapter, upon any license as it, in its discretion, may <br />deem reasonable and justified. <br /> <br />800.16 - MANAGER OR AGENT <br /> <br /> <br />