Subject to paragraph (2) of this subsection, for a license issued for the use of a corporation or club, the license holder may substitute on the license the name of a different officer for the name of any officer who: has died; has retired; or no longer holds an office in the corporation or club. A substitute officer shall be an individual approved by the Board who meets all the requirements applicable to the original officer. The license holder shall file an affidavit with the Board that contains: the substitution of the officer; and an explanation for the substitution. On receipt of the affidavit and payment of a $5 fee, the Board shall: amend its records; and issue a corrected license.