A. If the applicant is a corporation, the name of the corporation shall be set forth exactly as shown in its articles of incorporation, together with the names and residence addresses of each of its officers, directors, and each stockholder holding more than ten (10%) percent of the stock of the corporation. If the applicant is a partnership, the application shall set forth the name and residence address of each of the partners, including limited partners. If one or more of the partners is a corporation, the provisions of this Chapter pertaining to a corporate applicant shall apply. The names and addresses of every person deriving a profit, or holding any position of management or control, shall be disclosed.

B. A sale or transfer of any interest in a cardroom, which interest would be required to be reported upon application for a cardroom license, shall be reported to the Chief of Police prior to such sale or transfer. The Chief of Police shall investigate any person receiving any interest in a cardroom as a result of such sale or transfer, and if such persons satisfies the requirements relating to cardroom license applicants, the Chief of Police shall give written approval to such transfer or sale. A fee as set forth in the municipal fee schedule shall be paid to the City for investigation by the Chief of Police necessitated by each such sale or transfer.

C. All indebtedness of the cardroom business exceeding one percent of the book value of the business shall be disclosed in writing to the Chief of Police within ten days after such indebtedness exists, excluding indebtedness from commercial lending institutions or trade creditors.