The Board may waive the residency requirement for applicants for a license if the applicant for the transfer:
(1) is the purchaser and proprietor of the establishment for which the transfer is sought; and
(2) can submit to the satisfaction of the Board:
(i) proper persons who know the applicant and can vouch for the good character of the applicant; or
(ii) other evidence that the applicant is a fit and proper person to hold the license.