(a) Subject to subsection (b) of this section, if a holder of a license for the use of a business or club wishes to substitute on the license the name of an officer of the business or club, the license holder may file a petition for substitution with the Board instead of filing an application for transfer of the license.

(b) The Board may approve the petition only if the license holder demonstrates that the substitute officer is fit to engage in the business authorized by this article.