(a) (1) In addition to the conditions stated under § 4-306(a) of this article, a corporation or club holding a license may substitute on the license the name of a different officer for the name of any officer who:

(i) has moved from the county; or

(ii) no longer has a financial interest in the corporation or club.

(2) The substitution may not be accompanied by a sale of corporate stock that results in a change of the controlling interest of the corporation or club.

(b) The corporation or club may apply to the Board for a substitution by submitting a letter that is signed by the new license applicant and the two remaining license holders.

(c) The Board may not approve the application for the substitution unless:

(1) all obligations of the corporation or club have been paid; or

(2) an arrangement concerning debts and obligations satisfactory to the creditors of the corporation or club has been made.

(d) (1) On the approval of the Board and the payment of the necessary costs and fees, a corrected license shall be issued.

(2) In all other cases a formal transfer of the license shall be accomplished in accordance with §§ 4-302, 4-304, and 4-305 of this article.