1. (a) A corporation or partnership holding a permit and in the process of dissolution; a trustee, receiver, or assignee for the benefit of creditors appointed for any person holding a permit; a committee of the property of any person holding a permit; an executor or administrator of the estate of any person who has held or holds the permit; or any other person who by operation of law has succeeded to the legal title and rights of any person holding a permit may, subject to the approval of the Director of the Alcoholic Beverage Control Division as required under this part, continue to carry on the business of the person to whom the permit was issued at the premises designated in the permit.
2. (b) Said parties shall be able to renew the license and carry on the business for a period of time not to exceed twenty-four (24) months.
3. (c) Said persons shall carry on said business with the same rights and subject to the same restrictions and liabilities as would be imposed upon the original holder of the permit.
4. (d) The twenty-four-month period shall be determined as having begun on the date that the successor takes control of the property of the permittee.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Adopted 8-19-93)"