(a) If a corporation or copartnership holding a permit under this act shall be dissolved, or if a receiver or assignee for the benefit of creditors is appointed therefor, or if a receiver or assignee for the benefit of creditors or a committee of the property of an individual holding a permit is appointed during the time for which the permit was granted, or if a person holding a permit dies during the term for which the permit was given, then the corporation, copartnership, receiver, or assignee, or the administrator or executor of the estate of the individual, or a committee of the property of a person adjudged to be incompetent may continue to carry on the business upon the premises for a period not to exceed twenty-four (24) months from such date of dissolution or appointment or death. The successors in interest shall be allowed to renew the permit as if the original permittee were still in place and the said successor in interest may operate the said business with the same right and subject to the same restrictions and liabilities as if he or she had been the original applicant for and the original holder of the permit, provided the approval of the Director of the Alcoholic Beverage Control Division shall be first obtained.
(b) Before continuing the business, the receiver, assignee, individual, or committee shall file a statement setting forth in such form and substance as the director may prescribe by rule the facts and circumstances by which they have succeeded to the rights of the original permittee.
(c) The director may, in his or her discretion, permit the continuance of the business or may refuse to do so.
(d) In the event that the director determines to permit the continuance of the business, the permit shall be submitted to the director, and shall have written or stamped across the face of the permit, and signed by the director, the following words:
(e) For each endorsement, a fee of five dollars ($5.00) shall be paid to the Secretary of the Department of Finance and Administration by the applicant, which shall be paid into the same fund as other permit fees herein provided.
“(Here insert the name of the person) is permitted to manufacture or sell (as the case may be) malt, vinous, or spirituous liquors, as (here insert the representative capacity, whether as assignee, receiver, executor, administrator, or otherwise) of the original permittee for the unexpired term.”