Upon application to the Cabaret Review Board and prior to the reinstatement or reissuance of a suspended or revoked license, the licensee, with the Cabaret Review Board's approval, may, upon payment of the full fee as specified in §
120-7 of this chapter, be permitted to operate for six months on a probationary license. At the end of such six-month period, the license may be reinstated or reissued unless the Cabaret Review Board finds that the licensee, its officers, principals, directors, agents or employees or, in a closely held corporation, stockholders, have engaged in conduct that would constitute grounds for denying the issuance or renewal of a license pursuant to §
120-4 of this chapter. Upon a finding of such conduct, the probationary license shall be revoked and may not be reissued for a period of one year, and the prorated balance of the probationary license fee shall be refunded to the probationary licensee.
