Licenses not Transferable

(a)Every license issued under this Division shall be deemed to be personal and shall be issued to the person or persons making application therefor, and may not in any circumstances be transferred to any other person except upon the forfeiture of a tenancy or upon a foreclosure of a mortgage where the original contract provides that the license is a security for the obligation, in which event the Board shall he promptly notified of any such forfeiture.

(b)Any license conditioned upon the fulfillment of any qualifications or prerequisites pertaining to the premises wherein the licensee conducts his business, trade or profession may not be transferred to another location without written application to, and written approval by the Director of Revenue and Taxation.